U.S. gas prices hit record high for Labor Day
U.S. gas prices reached a record high for Labor Day weekend, with regular gas hitting $4.15 a gallon, according to AAA. This surge is attributed to the ongoing conflict with Iran and Brent crude briefly touching a nearly 7-week high of $97 a barrel. Diesel prices also set an all-time record at nearly $6 per gallon, impacting freight costs and grocery prices.
Record high gas and diesel prices directly increase transportation costs, affecting everything from consumer goods to everyday commutes, and are a significant factor in overall inflation.
Energy Secretary Chris Wright predicted falling gas prices as summer travel ends and refinery regulations change; Scott Bessent previously predicted prices in the $3 range for Labor Day.
