Labor Day Gas Prices Set to Soar to Record Highs in Georgia

Gas prices in Georgia are expected to hit record highs this Labor Day weekend, with the average price for regular gas projected to reach $4.03 a gallon, according to fuel savings platform GasBuddy.

This would be an increase of 87 cents from last year's average and surpasses the previous record of $3.83 per gallon set in 2012, also in Labor Day weekend.

AAA puts the average price for regular gas in Georgia at $3.90 per gallon, while nationally gas prices averaged $4.10 a gallon on Tuesday.

The war in Iran and disruptions to global oil shipments have contributed to the volatility in fuel prices, with GasBuddy reporting that refining margins, or 'crack spreads,' have reached record levels.