Additional details of that agreement were released Saturday which includes access to 17 strategic oil fields in Venezuela that hold proven reserves of 65 billion barrels of oil, according to a report from Venezuelan state media<\/a>.<\/p>\n But petroleum industry experts warn that the timeline to develop those sites to process the extracted heavy crude, which is more difficult to refine into fuel products, is likely years away and not likely to impact record high fuel costs currently facing U.S. drivers.<\/p>\n In a Monday blog post<\/a>, Patrick De Haan, head of petroleum analysis at GasBuddy, noted other market factors could help bring down the average price of gasoline in the U.S., but it wouldn\u2019t be from the newly opened Venezuelan oil fields.<\/p>\n \u201cOver the weekend, the Trump administration struck a major deal with Venezuela, a signal that the White House remains concerned about elevated fuel prices \u2014 though in reality, any benefits from increased Venezuelan output will take years to fully materialize and are unlikely to move the needle in the near term,\u201d De Haan wrote. <\/p>\n \u201cThe factors with the most immediate impact on where prices go from here remain the ongoing developments between the U.S. and Iran and continued Ukrainian attacks on Russian oil refineries, both of which continue to exert outsized influence on global fuel markets. Motorists should expect continued volatility in the weeks ahead.\u201d<\/p>\n What\u2019s going on with gas prices?<\/p>\n Petroleum industry volatility has led to an extended period of high prices across the country and a new record for the month of August, according to a report from AAA.<\/p>\n \u201cFor the first time ever, the national average in August has been above $4 per gallon every day,\u201d Aldo Vazquez, spokesperson for AAA Mountain West Group, said in a press statement last week. \u201cThis month is poised to set a new record as the most expensive August at the pump, surpassing the previous August record set in 2022. However, Utah has not reached its record high average of $5.26, which was set in July of 2022.\u201d<\/p>\n While the average price for Utah drivers this summer has yet to reach the all-time record set four years ago, they\u2019re still paying a lot more than they did last year and encountering pump prices that are running well ahead of the national average.<\/p>\n While the national average price for a gallon of regular was at $4.08 per gallon on Monday, Utah motorists started the week paying an average $4.37 across the state, per AAA<\/a> tracking. Utah prices are up about 10 cents from a month ago and are currently $1.08 per gallon higher than this time last year.<\/p>\n Ongoing high fuel prices are the result of disruptions caused by the Iran war as well as Ukraine\u2019s attacks on Russian oil installations. After weeks of stalled peace talks, reports indicate the U.S. renewed attacks on Iranian military targets on Sunday. Following the six-month anniversary of the conflict last week, only a fraction of the usual volume of petroleum tankers are making it through the Strait of Hormuz each day, a narrow passage through which about 20% of the world\u2019s total petroleum production travels on its way to international markets.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/09\/DJSFVTI36VDI5CY5SAOABBMHVI.JPG\")
Gas prices are posted at Shoppers Express in Salt Lake City on Tuesday, Aug. 11, 2026. | Kristin Murphy, Deseret News <\/p>\n