Americans are facing record-high gasoline prices as the Labor Day weekend approaches, with the national average expected to climb above $4 per gallon for the first time on the holiday itself.
The national average gasoline price stood at approximately $4.13 per gallon on Thursday, according to GasBuddy analyst Patrick De Haan. The price is projected to reach $4.03 on Labor Day, Monday, far exceeding the previous record of $3.83 per gallon set in 2012.
"Gasoline, while not at all-time records, is at its highest level ever recorded this late in the calendar year, meaning Americans could for the first time ever see a national average price of gasoline above $4 per gallon on Labor Day," De Haan wrote in a recent blog post.
The current price represents an increase of nearly a dollar compared to the same period last year. The surge in gasoline costs coincides with ongoing conflict in the Middle East, which continues to elevate energy costs globally.
The timing of the price spike comes as political campaigns are beginning for midterm Congressional elections, potentially affecting consumer sentiment during a significant holiday weekend when many Americans travel.