Iran Tensions Send Gas Prices Soaring Over Labor Day Weekend

The Labor Day weekend is expected to be marked by high gas prices, nearly $1 higher than last year's average in Illinois and over $2 for diesel. According to AAA, the current national average price of regular gasoline is $4.14 per gallon, while Illinoisans are paying an average of $4.32 per gallon. In comparison, a year ago at Labor Day weekend, the national average was $3.19 per gallon, with Illinois residents paying around $3.49.

The increased prices are attributed to ongoing tensions between the U.S. and Iran, which have led to higher oil prices in recent days. Brent crude rose 0.1% to $95.75 per barrel on Thursday, while benchmark U.S. crude increased by 0.5% to $91.51 a barrel.

Energy analysts point out that crude oil accounts for roughly half the price consumers pay for gasoline and remains more expensive than it was a year ago. Additionally, strong refinery demand and relatively low crude oil inventories are contributing factors to higher fuel prices.