Aurora Gas Prices Hit Record High This Labor Day

This Labor Day is expected to set a record for highest gas prices ever recorded in the United States. According to GasBuddy, the average price of gas on Labor Day will be $4.03 per gallon, surpassing the previous record of $3.83 per gallon set in 2012. AAA also reported that the average price for regular gas in Illinois is at $4.30 per gallon.

The war in Iran and blockage of the Strait of Hormuz have contributed to global oil shipment disruptions, keeping crude costs elevated. Ukrainian drone strikes on Russian refineries have also knocked millions of barrels of processing capacity offline, tightening supplies of gasoline, diesel, and jet fuel worldwide.

GasBuddy stated that these disruptions have disconnected crude oil prices from fuel prices, pushing refining margins, or 'crack spreads,' to record levels, which could keep fuel prices elevated this fall.