Labor Day Gas Prices Expected to Hit All-Time High: $4.03 per Gallon
Labor Day gas prices are expected to hit an all-time high this year, according to GasBuddy, a fuel savings platform. The predicted average price for Labor Day is $4.03 per gallon, which is $0.87 higher than last year's price of $3.16 per gallon. This surpasses the previous record of $3.83 per gallon set in 2012.
In Laguna Beach, the cheapest gas prices on Wednesday were around $5.85 per gallon, but residents can find a slightly cheaper option at the Chevron Station on 604 S. Coast Hwy., according to GasBuddy. The average price for regular gas in Orange County is $5.74 per gallon, according to AAA.
The global oil market has been affected by the war in Iran and the blockage of the Strait of Hormuz, which has squeezed global oil shipments and kept crude costs elevated. Additionally, Ukrainian drone strikes on Russian refineries have knocked millions of barrels of processing capacity offline, tightening supplies of gasoline, diesel, and jet fuel worldwide.
Patrick De Haan, head of petroleum analysis at GasBuddy, noted that 'it's been a challenging year for motorists, with constant ups and downs at the pump that stayed elevated into this final summer holiday, though relief may lie ahead if tensions ease.'