Commodities
San Diego Gas Prices Hit Record High on Labor Day Amid Global Volatility
The San Diego County average price of self-serve regular gasoline has reached $5.95 on Labor Day, shattering its previous record of $5.38 set in 2023.
This surge is attributed to the ongoing U.S., Israel war on Iran, which began in February and led to a significant increase in oil prices.
The national average gas price has also broken records, reaching $4.15, up from $3.82 set in 2012, and diesel's national average reached a record of $5.85 a gallon on Friday.
Experts warn that U.S. refineries are working at 98% capacity, many facing harsh Texas heat, which may exacerbate price volatility if issues arise or a hurricane knocks some systems offline.