US Gasoline Prices Hit Record Highs Over Labour Day Weekend
Gasoline prices in the US are expected to reach record highs over Labour Day weekend, surpassing previous records set in 2012. According to GasBuddy analyst Patrick De Haan, the national average price of gasoline will likely hit $4.03 per gallon, up nearly $1 from last year's average. This is despite President Donald Trump's pledge to lower energy costs and his criticism of refiners and fuel retailers for profiting from elevated pump prices.
Prices at the pump have climbed alongside crude oil prices, which jumped back above $90 a barrel after renewed military action between the US and Iran revived concerns about disruptions to global crude supplies. Analysts say that persistently high gasoline prices are primarily a supply story, with concerns about disruptions to energy shipments through the Strait of Hormuz lifting both crude prices and refining margins.
Randi O'Brien, a 57-year-old truck driver from Colorado, said she can only afford $15 worth of gas right now. 'It's completely out of control,' she said. Madison Moore, a Houston resident, is scaling back her Labour Day travel plans due to the high cost of fuel.
US gasoline inventories fell by 1.2 million barrels last week to 205.7 million barrels, compared with the five-year average for August of 217.6 million barrels. Prices for other refined products have also risen sharply, with US diesel prices hitting a new record. Analysts predict that retail numbers may surpass the all-time record of $5.82 per gallon from June 2022.