Plainfield Labor Day Drivers Face Record-Breaking Gas Prices
Gas prices in Plainfield are expected to reach record highs this Labor Day weekend. According to GasBuddy, the average price for regular gas is predicted to be $4.03 per gallon, surpassing the previous record of $3.83 set in 2012. This is a significant increase from last year's average price of $3.16 per gallon.
The high prices are due to several factors, including the ongoing 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.
GasBuddy notes that these disruptions have disconnected crude oil prices from fuel prices, pushing refining margins to record levels. This dynamic could keep fuel prices elevated this fall and may push diesel prices to record highs in the coming weeks.