Gas Prices Soar Past Record Highs as Labor Day Weekend Approaches
As Labor Day weekend approaches, travelers are facing record-breaking gas prices. The national average has reached $4.14 per gallon, up four cents from last week and a new high for this time of year. Continued volatility in the Strait of Hormuz has driven crude oil prices to the $90 per barrel range.
The current Labor Day record is $3.82 per gallon, set on September 3, 2012. Unlike previous years when declining gasoline demand typically brings down prices, this year's high cost of crude oil is bucking that trend.
Not only are gas prices at an all-time high for Labor Day, but the national average has also never been above $4 per gallon on this holiday weekend before. With the current record of $3.82 set nearly 14 years ago, drivers can expect to pay more than ever for a fill-up.
The price of electricity at public EV charging stations remains unchanged, holding steady at 42 cents per kilowatt hour.