Key Facts

• The average price of regular gas for Labor Day 2024 is $4.14 per gallon, nearly $1 higher than last year.
• This is the highest Labor Day weekend gas price on record, surpassing the previous high of $3.82 in 2012.
• Gas prices rose after U.S. and Israeli attacks on Iran in February, which disrupted oil flow through the Strait of Hormuz.
• Diesel prices reached a record $5.85 per gallon, increasing costs for trucks and freight deliveries.
• U.S. refineries are working at 98% capacity, and weather or technical problems could prevent prices from dropping.
• Global factors, such as attacks on Russian refineries and lower Chinese refinery outputs, are also limiting fuel supplies.
• The Trump administration is working to increase production, and market forecasts expect prices to drop later this year.
• High fuel costs have added more than $741 in expenses per household since the start of the conflict with Iran.