US Gas Prices Soar to Record High During Labor Day Weekend

The average price of gasoline in the United States reached an all-time high of $4.14 per gallon during the Labor Day weekend, according to data from the American Automobile Association (AAA). This marks a 4-cent increase over last week's average and exceeds the previous record of $3.82 set on September 3, 2012.

The current disruption in crude oil traffic through the Strait of Hormuz due to the war against Iran has pushed crude oil prices into the $90 per barrel range. This persistent volatility is contributing to the high fuel prices and reduced demand for gasoline during this time of year.

The AAA noted that although gasoline demand typically decreases at this time, the high cost of crude oil is having a different effect this year. The organization also warned that this Labor Day weekend is on track to set an all-time high for fuel prices.