Massachusetts Sets Record for Highest Labor Day Gas Prices

Massachusetts residents can expect record-high Labor Day gas prices this year, according to fuel savings platform GasBuddy. The projected average price for regular gasoline is $4.03 a gallon, a whopping 87 cents higher than last year's average and the highest holiday pump price on record, surpassing the previous record of $3.83 per gallon in 2012.

The cheapest prices for a gallon of regular gasoline in Massachusetts were around $3.74 on Tuesday, mostly at stations near the South Coast and North Central regions of the state, with an average of about $4.14. AAA also puts the average price for regular gas in Massachusetts at $4.15 per gallon.

Nationally, gas prices averaged $4.10 a gallon on Tuesday, almost exactly $1 per gallon more than last year's average.

The war in Iran and blockage of the Strait of Hormuz have squeezed global oil shipments, keeping crude costs elevated. Ukrainian drone strikes on Russian refineries have also knocked millions of barrels of processing capacity offline, tightening supplies of gasoline, diesel, and jet fuel worldwide.