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US fuel prices hit record high for Labor Day weekend
AP News • • general
Key Points:
- The average price of regular gasoline in the U.S. reached $4.14 per gallon over the Labor Day weekend, nearly $1 higher than last year and surpassing the previous Labor Day record of $3.82 set in 2012, according to AAA.
- Gas prices surged following U.S. and Israeli attacks on Iran in February, with disruptions in crude oil flow through the Strait of Hormuz and Iran's refusal to reopen the waterway cited as key factors.
- Diesel prices hit a record national average of $5.85 per gallon, significantly impacting transportation and consumer costs, including groceries and package deliveries.
- U.S. refineries are operating near full capacity amid challenging conditions, and global factors such as Ukrainian drone attacks on Russian refineries and reduced Chinese outputs are limiting gasoline and diesel supplies, making future price trends uncertain.
- Energy Secretary Chris Wright indicated efforts to reduce prices and noted market forecasts predict lower prices in coming months, but geopolitical tensions and supply constraints continue to keep prices elevated.
