Americans hit with record-high Labor Day Weekend gasoline prices - CNBC
Americans are facing record-high gasoline prices ahead of the Labor Day weekend, driven by geopolitical tensions in the Middle East and supply disruptions. The rising costs have become a focal point for political campaigns ahead of the midterm elections.
Why it matters
Fuel prices are a key economic indicator that directly impacts consumer sentiment and political discourse in the United States.
With the war in the Middle East still raising energy costs, Americans face record-high gasoline prices for Labor Day weekend, just as political campaigns kick off for midterm Congressional elections.
The national average gasoline price will probably hit $4.03 on Labor Day, far surpassing the previous record of $3.83 per gallon set in 2012, said GasBuddy analyst Patrick De Haan.
"Gasoline, while not at all-time records, is at its highest level ever recorded this late in the calendar year, meaning Americans could for the first time ever see a national average price of gasoline above $4 per gallon on Labor Day," De Haan wrote in a recent blog post.
The national average price of gasoline stood at around $4.13 per gallon on Thursday, up nearly a dollar from last year's average, according to price-tracking service GasBuddy. Analysts say $4 per gallon is a pain point for many consumers.
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