U.S. gasoline reaches record $4.15 per gallon for Labor Day

U.S. gasoline prices reached a Labor Day record of $4.15 per gallon as renewed conflict between the Trump administration and Iran effectively blocked the Strait of Hormuz, the article says.

The average price on Monday, Sept. 7, was about 30% higher than the $3.20 recorded a year earlier, The New York Times reported, citing the American Automobile Association. It was the first time the Labor Day price had exceeded $4 per gallon. The previous record was $3.82 in September 2012.

Diesel also hit a record, reaching $5.90 per gallon. That marked an increase of about 60% from $3.71 a year earlier.

AAA spokesperson Brittany Moay said fuel prices normally fall after the summer driving season as demand declines. This year, she said, high crude oil prices have offset that seasonal drop. The report also said the United States and Iran had recently attacked commercial vessels belonging to the opposing side, further disrupting the situation around the Strait of Hormuz.

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Gasoline prices normally fall after the summer driving season as demand declines, but this year high crude oil prices are offsetting the seasonal drop.