Record Gas Prices Loom for Labor Day Weekend
Gas prices are expected to reach a record high this Labor Day weekend in Dana Point and across the nation. According to GasBuddy, average gas prices for Labor Day will be $4.03 per gallon, surpassing the previous record of $3.83 per gallon set in 2012. This is an increase of 87 cents from last year's price.
The war in Iran and disruptions to global oil shipments have contributed to elevated crude costs, which have disconnected crude oil prices from fuel prices. As a result, refining margins, or 'crack spreads,' are at record levels, pushing fuel prices higher. This dynamic may keep gas prices elevated this fall and could push diesel prices to record highs in the coming weeks.
Dana Point residents can find the cheapest gas at the Mobil Station on 33571 Del Obispo St., according to GasBuddy. The average price for regular gas in Orange County is $5.74 per gallon, while nationally, gas prices averaged $4.10 a gallon on Wednesday.