Record High Gas Prices Cast Shadow Over Labor Day Weekend

Gas prices in the US have reached a record high for Labor Day, with the national average reaching $4.15 per gallon, according to AAA.

This is the highest price ever recorded on Labor Day, surpassing the previous record of $3.82 set in 2012.

The increased prices are attributed to disruptions in international petroleum markets, specifically the conflict involving Iran and continued disruption around the Strait of Hormuz, one of the world's most important petroleum shipping routes.

Crude oil prices have remained elevated at around $90 per barrel, which has overwhelmed the normal seasonal pattern of falling gasoline demand after summer travel season.