Gas Prices Surge Ahead of Labor Day Amid US-Iran Tensions
Gas prices are on the rise ahead of Labor Day weekend, according to AAA. The national average for a gallon of regular gas has increased to $4.08, up one cent from the previous day.
This increase coincides with a 3.4% rise in Brent crude oil prices, which have reached just over $91 per barrel. The escalation in energy prices is due to renewed tensions between the U.S. and Iran, following stalled peace talks.
President Donald Trump announced an oil deal with Venezuela earlier this week, describing it as 'the biggest oil deal in world history' for more than 65 billion barrels of oil. However, this has not yet led to a decrease in gas prices.
American households are feeling the pinch, having spent an additional $56.4 billion on gas since the conflict began, equating to $477 more per household.