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Labor Day Gas Has Never Been This Expensive. Trump Is Scrambling for Answers
Patrick De Haan said this year is the most expensive Labor Day for drivers as oil prices rise amid conflicts in Iran and Russia.
- GasBuddy expects nationwide gas prices to reach at least $4.03 a gallon this Labor Day, surpassing the 2012 holiday record of $3.83 and marking the highest prices for the weekend ever recorded.
- Rising fuel costs stem from renewed tensions between the United States and Iran, particularly attacks on commercial shipping in the Strait of Hormuz. Vice President JD Vance attributed the high prices directly to Iranian actions.
- Diesel prices have skyrocketed more than 60% this year, straining the economy as a refining bottleneck persists. Americans have paid an extra $97 billion in fuel costs since the conflict began, according to Brown University's Climate Solutions Lab.
- President Donald Trump unveiled a new oil deal with Venezuela and met with refining executives to discuss capacity increases. Researchers caution that Venezuela will struggle to meaningfully boost global supplies for many years, limiting short-term relief.
- Jan Stuart, global energy economist at Piper Sandler, noted that global refining hubs face crises, making quick capacity increases difficult. Refineries require years and billions to build, offering no immediate solution for consumers facing record prices.
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Total News Sources13
Leaning Left1Leaning Right1Center11Last UpdatedBias Distribution84% Center
Bias Distribution
- 84% of the sources are Center
84% Center
C 84%
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