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U.S. Gasoline Prices Surge to Unprecedented Labor Day Highs

American drivers are navigating the most expensive Labor Day travel weekend on record, with national gasoline prices climbing to $4.15 per gallon. This sharp increase, fueled by escalating crude oil costs and persistent supply chain disruptions, shatters the previous 2012 holiday record of $3.82 by a significant margin.

U.S. Gasoline Prices Surge to Unprecedented Labor Day Highs

The American Automobile Association confirmed the national average jumped from $4.08 just one week ago, marking the first time fuel costs have exceeded $4 per gallon during this holiday period. West Texas Intermediate futures now trade near $93 a barrel, a stark rise from the $67 levels recorded before the conflict in Iran began in February. International Brent crude has followed a similar trajectory, currently hovering around $97 per barrel.

Beyond consumer gasoline, the strain on energy markets is impacting heavy industry and logistics. Diesel prices reached a record $5.90 a gallon this Monday, nearly double the $3.71 recorded a year ago. Analysts point to a confluence of factors exacerbating the trend: ongoing Ukrainian strikes targeting Russian refinery infrastructure and restricted shipping volumes through the Strait of Hormuz. These global pressures have tightened inventories, forced refinery margins upward, and significantly increased international demand for U.S.-produced fuel.

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