Record-High Gas Prices Threaten Labor Day Travelers

Labor Day travelers are facing the highest gas prices ever for this time of year, according to AAA. The national average is $4.14, up 4 cents from last week and a record high. Continued volatility in the Strait of Hormuz has pushed crude oil prices in the $90 per barrel range.

The current Labor Day record is $3.82, set on September 3, 2012. This year's Labor Day weekend is shaping up to set another record at the pump. Despite a decrease in gasoline demand last week, typically bringing down gas prices, this year is different due to the high cost of crude oil.

The Energy Information Administration (EIA) reports that total domestic gasoline supply decreased from 206.8 million barrels to 205.7 million. At $91.01 a barrel, WTI rose 79 cents at the close of Wednesday's formal trading session.