American drivers faced the most expensive Labor Day gasoline prices on record Monday, while diesel prices reached a new all-time high amid the economic fallout from the Iran war and disruption to energy shipments through the Strait of Hormuz.
The national average for regular gasoline reached approximately $4.15 per gallon on Labor Day, according to AAA, nearly $1 higher than a year earlier.
Gasoline had never previously exceeded $4 per gallon on Labor Day. The previous Labor Day weekend record was $3.82 in 2012.
Despite the new holiday record, regular gasoline remains below its all-time national high of $5.02 per gallon, reached in June 2022.
Diesel has risen even more sharply. The nationwide average reached $5.85 per gallon Friday and climbed another five cents by Monday, setting a new record.
The increase has broader economic implications because trucks, freight carriers and delivery companies depend heavily on diesel. Higher transportation costs can ultimately be passed through to consumers in the prices of groceries, packages and other goods.
(YWN World Headquarters – NYC)
