US Gas Prices Hit Record High Ahead of Labor Day
The national average price for regular gas in the US has reached $4.15 per gallon according to AAA, surpassing its previous record high of $3.82 per gallon set on September 3, 2012.
This increase is largely due to the ongoing military conflict with Iran and the geopolitical uncertainty surrounding the Strait of Hormuz, a vital waterway in the Middle East through which approximately 20% of global oil transport passes.
Gas prices have risen sharply over the last two months, with the national average increasing from $3.86 per gallon at the end of June to $4.06 per gallon by July's conclusion and again to an average of $4.19 per gallon in August.
The high gas prices are closely linked to the current cost of crude oil, which is currently in the $90 range.