Labor Day Gas Prices Hit Record High Amid Global Supply Concerns
Americans are bracing for record-high gasoline prices over Labor Day weekend, just as midterm Congressional elections get underway. The national average price is expected to hit $4.03 per gallon, surpassing the previous record of $3.83 set in 2012.
According to GasBuddy analyst Patrick De Haan, this year's prices are 'at their highest level ever recorded this late in the calendar year.' The national average has already reached $4.13 per gallon, a nearly dollar increase from last year's average.
The high prices are largely due to concerns over disruptions to global crude supplies following the war in the Middle East. Crude oil prices have jumped back above $90 a barrel, while distillates such as diesel and heating oil have also seen significant price increases.