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Source: Fox News
Summary
Americans faced record-high gas prices on Labor Day, with the national average reaching $4.15 per gallon, up nearly 96 cents from a year earlier. AAA estimated 40 million drivers would travel over the holiday, facing increased costs. The spike was linked to elevated crude oil prices, driven by tensions in the Middle East and the Iran conflict. Prices varied widely by state, with California leading at $5.78 per gallon. The situation poses a political challenge for President Donald Trump, who promised to lower gas prices to $2 per gallon.
Our Reading
As expected, the matter has reached another stage.
Gas prices rise as usual.
Trump’s promises remain unfulfilled.
Crude oil prices stay high despite seasonal trends.
States react differently to the same problem.
Author: Evan Null
Summer Ends, Prices Stay High
The summer travel season ended with Americans facing the most expensive Labor Day at the pump on record. The national average for regular gasoline reached $4.15 per gallon, up about 5 cents from the previous week and nearly 96 cents higher than a year earlier. This marked the first time the national average topped $4 during the holiday weekend.
40 Million Drivers on the Road
AAA estimated that nearly 40 million Americans would drive over the holiday, paying unprecedented prices for gasoline. The spike came despite a seasonal trend that typically brings some relief after Labor Day, when summer travel winds down and gasoline demand eases. This year, however, elevated crude oil prices tied to the Iran conflict offset that typical decline.
Iran Conflict and Oil Prices
Fighting in the Middle East raised concerns about disruptions to oil shipments through the Strait of Hormuz, a narrow waterway between Iran and Oman that carries roughly one-fifth of the world’s crude oil. Those concerns kept crude oil prices near $90 a barrel, limiting the seasonal decline in gas prices motorists typically see after Labor Day.
Trump’s Energy Agenda Under Pressure
The record prices pose a political challenge for President Donald Trump, who campaigned on affordability and pledged to bring gasoline below $2 per gallon. His push to expand domestic oil and gas production has made energy costs a key test of his economic agenda, particularly as the Iran conflict drives crude prices higher.
Regional Price Disparities
While the national average reached $4.14 per gallon, prices varied significantly by state. America’s west was hit hardest. California had the nation’s highest average gas prices at $5.78 per gallon, followed by Washington at $5.47, Hawaii at $5.41, Oregon at $4.98, Alaska at $4.96, Nevada at $4.91, Idaho at $4.62, Arizona at $4.52, Utah at $4.42 and Montana at $4.38.
