Key facts
- Americans face record-high gasoline prices for Labor Day weekend.
- The national average gasoline price is projected to reach $4.03 per gallon, surpassing the 2012 record of $3.83.
- Crude oil prices have risen above $90 a barrel due to renewed military action in the Middle East and attacks on Russian refineries.
- U.S. refinery utilization is at 98%, its highest level since 2018.
- U.S. diesel prices have reached a new record high.
Americans are facing record-high gasoline prices for Labor Day weekend, with the national average expected to reach $4.03 per gallon, surpassing the previous record of $3.83 set in 2012. This marks the highest price for this late in the year, with prices hovering above $4 per gallon for much of the year.
Analysts attribute the surge to rising crude oil prices, which have climbed back over $90 a barrel amid renewed military action between the U.S. and Iran and ongoing attacks on Russian refining facilities, raising concerns about global supply disruptions. Retail fuel prices typically move in tandem with crude oil costs.
U.S. refinery utilization is at 98%, the highest level since 2018, and gasoline inventories have fallen. Prices for distillates, including diesel, have also increased, with diesel prices hitting a new record this week. Air travelers are also facing higher ticket prices.
Consumers are feeling the pinch, with some drivers cutting back on travel and daily expenses. The high prices have become a persistent concern, with President Donald Trump criticizing refiners and fuel retailers.