U.S. Gas Prices Set to Surpass $4 a Gallon Over Labor Day Weekend Amid Rising Energy Costs
The average price of gasoline in the United States is poised to exceed $4 per gallon over the Labor Day holiday weekend, driven by climbing energy costs fueled by conflict in the Middle East. The surge adds further financial strain on American consumers just as campaign season heats up ahead of the congressional midterm elections.
The national average is projected to reach $4.03 per gallon over the holiday period, breaking the previous record for this timeframe of $3.83 set in 2012, according to Patrick De Haan, head of petroleum analysis at GasBuddy.
Gasoline averaged around $4.13 per gallon on Thursday—up nearly a full dollar from a year ago—tracking a spike in crude oil prices past $90 a barrel following renewed military engagements between the United States and Iran.
Crude oil remains the primary driver of retail fuel prices, but refining margins have also widened amid heightened fears of global supply disruptions, alongside the market fallout from attacks targeting Russian refinery infrastructure.
Surging Prices Squeeze American Spending
Elevated pump prices are already beginning to alter consumer behavior, prompting some Americans to cut back on driving or reconsider travel plans for Labor Day weekend, traditionally regarded as the final getaway of the summer travel season with heavy road traffic.
Feedback from drivers across multiple states underscores that higher fuel expenses are hitting households that are already grappling with broader living costs, turning gasoline into an increasingly heavy burden on everyday budgets.