US gasoline prices hit 2012 high during Labor Day

Gasoline prices in the United States have risen to over $4 per gallon during Labor Day, marking a record high not seen since 2012. This surge is driven by the escalating Middle East conflict and crude oil prices exceeding $90 per barrel. The increase reflects the impact of energy costs on consumers, as households reduce vehicle use or cut back on travel plans amid rising living expenses. Meanwhile, U.S. exports of petroleum products have grown by more than 10% annually, with refineries operating at nearly full capacity, limiting domestic production growth and adding further pressure on the market.

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