Fuel prices at record Labor Day high in US thanks to Iran War and refinery issues
Record-high fuel prices in the U.S. are impacting Labor Day travel and consumer goods costs due to the ongoing conflict involving Iran and the Strait of Hormuz. Energy officials are struggling to provide a timeline for price relief as diesel costs hit historic peaks.
Why it matters
Reflects the broader economic impact of geopolitical instability on domestic inflation and consumer behavior.
It's never been more expensive in the U.S. to fill up the tank and take one last summer trip over the Labor Day weekend.
The average price of regular gas was $4.14 a gallon heading into the holiday, nearly a dollar higher than last year and well above the Labor Day weekend record of $3.82 from 2012, according to AAA motor club .
Nicole Collins planned to head from Philadelphia to South Carolina to visit friends, but she said her family has spent most of the summer close to home and not taking their typical weekend trips because driving has gotten so expensive.
“Gas is pretty high right now. It doesn’t help that we also have a baby, so we also have to pay for that,” Collins said outside a gas station in Claymont, Delaware, where regular gas was $4.199 a gallon.
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