An article summarized by CBS News:

Americans faced record-high gas prices heading into Labor Day weekend, with regular gasoline averaging $4.14 per gallon and rising another 1 cent on Labor Day. That was nearly $1 more than a year ago and well above the previous Labor Day record of $3.82, set in 2012. While prices have never previously topped $4 on Labor Day, they remain below the all-time national record of $5.02 per gallon, set in June 2022.

Diesel prices were even more concerning, reaching a record $5.85 per gallon on Friday before climbing another 5 cents by Monday. Because diesel powers much of the nation's trucking and freight network, higher fuel costs can ripple through the economy, raising the cost of groceries and package deliveries. The surge in fuel prices has been linked in the article to disruptions around the Strait of Hormuz following the U.S.-Israel attack on Iran, which caused crude oil traffic through the key waterway to plunge.

There could be some relief ahead, but several factors make prices difficult to predict. U.S. refineries are operating at roughly 98% capacity, while extreme Texas heat or hurricanes could disrupt production. Ukrainian drone attacks on Russian refineries and declining output from Chinese refineries are also tightening fuel supplies. Energy Secretary Chris Wright said futures markets indicate gasoline could be about 35 cents cheaper by November, but consumers have already absorbed significant costs: a Brown University tracker estimates higher gas and diesel prices since the Iran war have cost Americans more than $741 per household.

For the article: https://www.cbsnews.com/news/labor-day-gas-prices-record-high/