Business & Markets
U.S. gasoline reaches record Labor Day price above $4.14 a gallon
AAA's national average surpassed the previous Labor Day record from 2012 and stood nearly a dollar above its year-earlier level.
Executive summary
- The record: AAA put the national average for regular gasoline above $4.14 a gallon for Labor Day, topping the previous holiday record of $3.82 set in 2012.[1][2][3]
- The increase: The average was nearly a dollar higher than a year earlier, when AAA recorded regular gasoline near $3.19 a gallon.[1][2]
- The pressure: AAA and independent reporting tied the increase to crude oil near $90 a barrel and restricted energy flows through the Strait of Hormuz.[1][2][4]
- The distinction: The Labor Day record is seasonal; the all-time national gasoline average remains the $5.02 level reached in June 2022.[2]
The U.S. national average for regular gasoline reached a record Labor Day level above $4.14 a gallon, according to AAA, exceeding the holiday's previous high of $3.82 set in 2012. The price was nearly a dollar above its year-earlier level and marked the first Labor Day with the national average above $4.[1][2][3]
AAA's daily gauge was about $4.15 on Sunday and early Monday, compared with roughly $3.19 a year earlier. The increase extends a broader fuel-price shock that pushed the U.S. diesel average to a nominal record of $5.85 a gallon on Friday, adding pressure to households and transportation-dependent businesses.[1][2][3][4]
AAA said continued volatility in the Strait of Hormuz had kept crude oil near $90 a barrel even as gasoline demand normally declines after the summer driving season. Associated Press and CBS News also linked the higher pump prices to constrained oil flows during the conflict with Iran and to tight refinery conditions.[1][2][4]
The record applies specifically to Labor Day, not to the highest gasoline price ever recorded nationally. The all-time average remains $5.02 a gallon from June 2022, according to the Associated Press. Seasonal gasoline prices can ease as demand falls and refiners switch to cheaper winter blends, but the current geopolitical and refinery disruptions make the timing and size of any decline uncertain.[2][1]