Gas prices this Labor Day could be highest in 14 years as US-Iran conflict continues
Gas prices in the U.S. are reaching 14-year highs ahead of Labor Day, driven by geopolitical tensions between the U.S. and Iran. President Trump has announced a new oil deal with Venezuela in an attempt to address supply concerns, though relief is not expected immediately.
Why it matters
Rising fuel costs impact consumer spending and travel habits, creating significant economic pressure during a major holiday period and ahead of midterm elections.
Key takeaways Powered by Yahoo Scout. Yahoo is using AI to generate key points from this article. This means the info may not always match what’s in the article. Reporting mistakes helps us improve the experience. Gas prices are rising ahead of Labor Day, with the national average at $4.05 per gallon, up nearly 29 cents from a month ago. In Chicago, gas prices are even higher at $4.46 per gallon, with motorists unlikely to see relief before the holiday. President Trump announced a new deal with Venezuela to provide the U.S. with billions of oil barrels, stating that prices at the pump may not come down before the midterm elections in November. See more Gas prices are rising ahead of the Labor Day holiday, with millions of people expected to travel by car.
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