Record Gas Prices Soar Above $4.15 Per Gallon for Labor Day

Gasoline prices have reached a record high for Labor Day, according to data from AAA. The national average price of regular gasoline stood at $4.1505 per gallon on September 7, surpassing the previous record set in 2012.

The increase is largely due to disruptions in international petroleum markets, including the conflict involving Iran and continued disruption around the Strait of Hormuz. Oil prices have remained elevated, with AAA reporting crude prices around $90 per barrel going into Labor Day.

Despite a decline in U.S. gasoline demand, expensive crude has made it less predictable for prices to fall as they normally would after the summer travel season. Diesel prices have also climbed to a record level of roughly $5.85 per gallon, which could have broader consequences for consumers.