Geneva Drivers Face Record-Breaking Gas Prices This Labor Day

The upcoming Labor Day holiday is expected to set a record for gas prices in Geneva, Illinois. According to GasBuddy, the average price of gasoline will be $4.03 per gallon, an increase of 87 cents from last year's prices and the highest ever recorded on this holiday. This surpasses the previous record of $3.83 per gallon set in 2012.

The current situation is being driven by global events, including the war in Iran and disruptions to oil shipments through the Strait of Hormuz. Additionally, Ukrainian drone strikes on Russian refineries have reduced processing capacity, leading to higher prices for gasoline, diesel, and jet fuel worldwide.

GasBuddy notes that these factors have disconnected crude oil prices from fuel prices, pushing refining margins to record levels. This may keep fuel prices elevated this fall and potentially push diesel prices to new highs in the coming weeks.

For drivers in Geneva, some of the cheapest gas options can be found at Amstar ($4.39 per gallon), Shell ($4.49 per gallon), and Amoco ($4.49 per gallon).