Labor Day Gas Prices Soar to Record High Amid Middle Eastern Tensions
The national average cost of unleaded gasoline has hit a record high on Labor Day, reaching $4.15 per gallon as of Monday. This marks a 30% increase from last year and surpasses the previous Labor Day record of $3.83 per gallon set in 2012.
Patrick De Haan, chief analyst at GasBuddy, notes that while gas prices are not at their all-time highest, they have reached a record level this late in the year, indicating that Americans could see a national average above $4 per gallon for the first time on Labor Day.
The ongoing conflict in the Middle East has driven up fuel costs, with Brent crude for November delivery jumping more than $6 over the past week to trade above $97. The U.S. military's strike and sinking of three Iranian oil tankers have also contributed to the price increase.