Cave Creek Gas Prices Poised for Labor Day All-Time High
Ahead of the Labor Day weekend, gas prices in Cave Creek are poised to reach an all-time high despite a recent dip. According to AAA Arizona, prices have dropped by 7 cents per gallon over the past week, reaching $4.62 a gallon.
This decline represents an increase of 85 cents compared to last year's price of $3.77 a gallon. The surge in gas prices can be attributed to continued volatility in the Strait of Hormuz, which has pushed crude oil prices up to around $90 per barrel.
Aldo Vazquez, spokesperson for AAA Mountain West Group, stated that 'Continued volatility in the Strait of Hormuz has pushed crude oil prices in the $90 per barrel range.' This record-breaking August is likely to be followed by a similarly high Labor Day weekend at the pump.