US Labor Day Gas Prices Hit Record High Amid Iran War and Refinery Issues
The United States is facing record-breaking fuel prices for Labor Day, a phenomenon attributed to the Iran War and refinery issues.
The average price of regular gas hit $4.14 per gallon heading into the holiday, nearly a dollar higher than last year's figure and surpassing the 2012 Labor Day weekend record of $3.82 per gallon, according to AAA motor club.
Nicole Collins, a driver from Philadelphia, expressed frustration with the rising costs: 'Gas is pretty high right now.'
Experts point to the U.S. and Israel's February attack on Iran as a primary cause of the surge in prices. Crude oil traffic through the Strait of Hormuz has plummeted, while Iran has refused to reopen the waterway.
'Everything points to the Iran War and the Strait of Hormuz,' said Tom Seng, a professor of energy finance at Texas Christian University.