Gasoline prices, over $4 per gallon, hit record high for Labor Day
With elevated prices for crude oil, a major component of gasoline, the price at the pump is higher than it's ever been for the holiday weekend.
TL;DR
- The national average for regular unleaded gas hit a record $4.15 per gallon on Labor Day.
- Diesel prices also reached a record high of $5.90 per gallon.
- Elevated crude oil costs and supply disruptions from geopolitical conflicts are primary drivers of high gas prices.
- The Strait of Hormuz has seen a significant drop in oil transport due to conflicts.
- Refineries have been impacted by wars, further reducing gasoline supply.
- A transition to cheaper winter-grade gasoline in September and early EPA approval for its sale may provide some price relief.
- Global oil supply remains a key factor influencing future gasoline prices.