Commodities
US Gas Prices Hit Record High Over Labor Day Weekend
The Labor Day weekend saw the highest average gas price on record in the US, reaching $4.14 per gallon.
Nearly a dollar higher than last year's prices and well above the 2012 record of $3.82, this marks an unwelcome milestone for motorists.
Experts attribute the surge in prices to the February attack on Iran by the US and Israel, which led to a decline in crude oil traffic through the Strait of Hormuz and Iran's subsequent refusal to reopen the waterway.
Energy Secretary Chris Wright acknowledged that prices are higher than last year but expressed optimism that markets forecast lower prices for the coming months, citing futures prices that predict a $0.35 per gallon decrease by November.