Commodities
US-Iran Tensions Drive Up Gas Prices Ahead of Labor Day Weekend
Gas prices are increasing ahead of the Labor Day holiday weekend, reaching $4.08 per gallon on average nationwide, according to AAA.
This rise in gas prices coincides with a surge in crude oil prices, which have climbed by 3.4% to just over $91 per barrel due to renewed tensions between the U.S. and Iran.
The conflict has kept energy prices high since the beginning of the year, when the U.S.-Israel war with Iran blocked the Strait of Hormuz, a vital oil passageway.
As gas prices rise, American households are feeling the pinch, with an additional $56.4 billion spent on gas since the conflict began, equating to $477 more per household, according to the congressional Joint Economic Committee's report in July.