Gas Prices Soar to Historic Highs Over Labor Day Weekend
The Labor Day weekend saw drivers facing historic high gas prices in the US. The average price of regular gas reached $4.14 per gallon, nearly a dollar higher than last year's rate and above the record of $3.82 set in 2012. Nicole Collins, who was planning to drive from Philadelphia to South Carolina, said her family has spent most of the summer at home due to the high cost of driving.
The price spike can be attributed to the US and Israel's attack on Iran in February, which led to a decline in crude oil traffic through the Strait of Hormuz. Energy Secretary Chris Wright acknowledged that prices are higher now than Labor Day 2022, but stated that the administration is taking steps to increase production.
Despite the efforts to boost production, diesel prices have reached a record high of $5.85 per gallon. The increased transportation cost is being passed on to consumers through package delivery services and grocery stores.