US Gasoline Prices Hit Record High Ahead of Labor Day

Gasoline prices in the US have hit a historic high ahead of Labor Day, with the national average reaching $4.14 per gallon. This is nearly 95 cents higher than the same period last year and surpasses the previous record of $3.82 per gallon set in 2012.

The increase is attributed to concerns about global oil supplies linked to the conflict involving Iran. The Strait of Hormuz, a major maritime route for global energy supplies, has seen a decline in crude oil traffic since attacks against Iran in February. This uncertainty has kept crude oil prices near $90 a barrel, limiting the usual seasonal decline in gasoline prices after the summer travel period.

California recorded the highest average price at $5.78 per gallon, followed by Washington and Hawaii. At the other end of the range, Indiana had the lowest average price at $3.44 per gallon.