Record-Breaking Gas Prices Pinch US Consumers
US gasoline prices have reached a record high of $4.13 per gallon on Labor Day, surpassing the previous record of $3.83 set in 2012.
The national average price is expected to remain above $4 per gallon for the rest of the year, posing a significant burden for many consumers, according to Patrick De Haan, an analyst at GasBuddy.
Gas prices have been rising alongside crude oil prices, which climbed above $90 a barrel last week due to concerns over disruptions to global crude oil supplies. Prices for distillate products, including diesel and heating oil, have also increased.
The high gas prices are expected to impact holiday travel plans, with many Americans scaling back their trips due to the rising costs. According to the U.S. Energy Information Administration (EIA), exports of refined petroleum products have increased by more than 10% from a year earlier.