Gas Prices to Reach Record Highs This Labor Day Weekend

Gas prices are expected to reach record highs this Labor Day weekend, according to GasBuddy's forecast. The average price for gasoline is projected to be $4.03 per gallon, a whopping 87 cents higher than last year's prices.

This would surpass the previous record of $3.83 in 2012 and make it the most expensive Labor Day weekend on record. Patrick De Haan, head of petroleum analysis at GasBuddy, said that supply and demand haven't been driving prices, but rather uncertainty over global tensions affecting crude oil and refined product availability.

Geopolitical tensions have disrupted global oil markets, causing refining margins to reach record levels. This has led to increased fuel prices, with diesel prices potentially reaching new highs in the coming weeks.

The forecast also notes that while gasoline demand will continue to decline after peaking in mid-July, some relief may take longer to appear due to ongoing tensions.