American motorists are facing the highest Labor Day fuel costs. On Monday, the national average for regular fuel climbed to $4.15 per gallon. This marks the first time Labor Day gas prices have breached the $4 milestone.
At the same time, diesel hit a record high of $5.90 per gallon. This tops the prior overall benchmark of $5.82 set in June 2022.
The price surge can be attributed to the conflict in Iran, which has disrupted oil tanker passage along vital Middle Eastern shipping lanes. Additionally, targeted drone strikes against Russian refining facilities have further reduced international processing capacity.
Gas prices are expected to go down, as they have been on a decline since their peak in the middle of July. Also, there will soon be a switch to cheaper winter-blend gasoline after September 15. This would help push prices lower. However, the geopolitical conflict could cause a delay in price reduction; experts therefore advise motorists to compare prices at gas stations before filling up.
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