Gasoline prices near record high for Labor Day

Gasoline prices in the United States are headed toward their all-time high during the Labor Day holiday, with the average expected to reach around $4.03 per gallon, surpassing the previous record of $3.83 set in 2012. This increase is driven by soaring fuel costs, including diesel and jet fuel, and is influenced by the energy market's reaction to the conflict with Iran and the pressures from concerns over oil supplies through the Strait of Hormuz. These rising prices add political strain on the Trump administration, especially as the midterm elections approach, despite limited options available to quickly lower prices. Although inflation means the real price is less than the peak recorded in 2008, the surge in gasoline prices directly impacts household budgets, with Americans spending approximately an additional $97 billion since the start of the conflict with Iran.

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