Gas prices: On pace to be the most expensive Labor Day in US history
The national average price for regular gas continues to rise on Friday, reaching $4.15 per gallon, according to AAA. It is an increase from a week ago, and also a month ago, when regular gas was $4.09 per gallon. If gas prices remain at the current level, they will set a record high for fuel costs on Labor Day. The previous record from Sept. 3, 2012, was $3.82 per gallon. According to AAA, the national average price for a gallon of regular gas has never exceeded the $4 per gallon price point in the country’s history.
TL;DR
- National average for regular gas reached $4.15 per gallon, up from $4.09 a month ago.
- Current prices are on track to set a record high for Labor Day, surpassing the 2012 record of $3.82 per gallon.
- The rise in gas prices is mainly due to military conflict with Iran and geopolitical uncertainty in the Strait of Hormuz.
- Crude oil costs are high, currently in the $90 range.
- President Trump announced a significant oil deal with Venezuela, but its impact on lowering gas prices is yet to be seen.
- Gas prices vary regionally, with the West Coast typically experiencing the highest costs and the South/Midwest the lowest.
- Indiana currently has the lowest gas prices at $3.45 per gallon, while California has the highest at $5.81 per gallon.