Record-High Gas Prices Ahead for Labor Day Travelers

As Labor Day travelers hit the roads this weekend, they will be facing record-high gas prices. The national average has never been above $4 per gallon on Labor Day, but this year it stands at $4.14. In Maine, drivers are paying even more, with an average price of $4.18 a gallon.

The high cost of crude oil is to blame for the surge in gas prices. According to AAA, continued volatility in the Strait of Hormuz has pushed crude oil prices into the $90 per barrel range.

Despite a typical decrease in gasoline demand during this time of year, which would normally bring down prices, this year's high cost of crude oil is keeping them elevated. The Labor Day record for gas prices was set on September 3, 2012, at $3.82 per gallon.