Record Gas Prices Expected this Labor Day Weekend

Gas prices are expected to reach record highs this Labor Day weekend, according to GasBuddy's forecast. The organization predicts that average gas prices will be $4.03 per gallon, surpassing the previous record of $3.83 in 2012.

The high prices can be attributed to geopolitical tensions that have disrupted global oil and refined product markets. Conflict involving Iran has threatened traffic through the Strait of Hormuz, a critical corridor for crude oil, while drone strikes on Russian refineries have reduced refining capacity abroad.

Patrick De Haan, head of petroleum analysis at GasBuddy, noted that supply and demand haven't been driving prices this year. Instead, it's been uncertainty over global tensions affecting the availability of crude oil and refined products.