Record Gas Prices Ahead of Labor Day Amid Ongoing Global Tensions
As Labor Day approaches, U.S. gasoline and diesel prices have reached record highs, averaging $4.15 per gallon and $5.85 respectively. Supply disruptions tied to fighting near the Strait of Hormuz, Ukrainian strikes on Russian refineries, and shrinking inventories have tightened fuel markets.
The Trump administration has pursued Venezuelan oil deals and a price-gouging probe, but analysts and officials say relief at the pump is not expected immediately.
Neale Mahoney, a professor of economics at Stanford University who worked on fuels policy in the Biden administration, said, 'The fact that we're heading into the home stretch of election season with gas prices at historically very high levels, with no obvious signs of relief, should be very concerning to incumbent politicians.'