Gas Prices Surging Ahead of Labor Day as Midterms Loom
Americans hitting the road for Labor Day face historically high gas prices, with the holiday on track to set a new record.
Gas prices are surging ahead of Labor Day weekend, setting a new national average of approximately $4.14 per gallon, according to AAA. This marks the first time the average has exceeded $4 on the holiday since 2012. The spike is attributed to volatility surrounding the Iran conflict and the Strait of Hormuz, which has kept crude oil prices elevated at around $90 a barrel.
As demand typically eases after the summer driving season, the rising prices are expected to persist. The conflict with Iran has led to renewed fighting and disruptions around the Strait of Hormuz, raising concerns about global energy supplies. President Donald Trump's attempt to rename the waterway the "Trump Strait" has further underscored its strategic importance.
While relief may arrive after Labor Day as gasoline demand declines and drivers switch to cheaper winter-blend fuel, the issue of gas prices remains a top concern for voters ahead of the midterm elections. A majority of Americans believe gas prices are rising, with 62 percent saying they are going up, according to an Economist/YouGov poll.
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