US Labor Day Gas Prices Expected to Hit Record Highs, Exceeding $4 per Gallon

As international oil prices remain high in the wake of the Middle East conflict, gasoline prices during the upcoming U.S. Labor Day holiday are projected to reach record-high levels.

According to Reuters on the 5th local time, Patrick De Haan, an analyst at price tracker GasBuddy, projected that the nationwide average U.S. gasoline price would reach $4.03 per gallon on Labor Day, the 7th.

This significantly exceeds the previous Labor Day record of $3.83 per gallon set in 2012.

"While gasoline prices themselves are not at an all-time high, they are the highest ever recorded for this time of year," De Haan said, adding, "Americans could see the nationwide average gasoline price exceed $4 a gallon on Labor Day for the first time in history."

According to GasBuddy, the U.S. nationwide average gasoline price stood at about $4.13 per gallon on the 3rd, nearly $1 higher than last year's average.

The nationwide average price compiled by the American Automobile Association (AAA) for the same day was also recorded at $4.14 per gallon.

With gasoline prices hovering above $4 per gallon ahead of the Labor Day holiday—a period when automobile travel surges—household burdens for travel and spending are expected to grow.

Gasoline prices are facing upward pressure as concerns over global crude supply disruptions resurface due to resumed military actions between the U.S. and Iran.

Compounded by other supply anxieties, such as damages to Russian refineries and a decline in domestic U.S. fuel inventories, international oil prices surpassed $90 a barrel again this week.

Upward pressure is also mounting on refined product prices, including diesel and heating oil.

U.S. diesel prices stood at $5.85 per gallon as of the previous day, surpassing the previous record of $5.82 set in June 2022.

According to AAA, airline ticket prices paid by Labor Day holiday travelers are also expected to be 20% higher than last year.

With the midterm elections two months away, soaring gas prices are becoming a burden for President Donald Trump and the Republican Party.

Gasoline prices are one of the economic indicators most directly felt by U.S. consumers, and they also influence perceptions of the broader economy.

President Trump has vowed to lower energy costs and recently escalated criticism against oil refiners and fuel retailers, accusing them of profiting from high pump prices.

(Photo: Getty Images)
※ Please note: This article was translated by AI and may contain errors.