Expect a hike in gas prices this Labor Day weekend.
During the Labor Day weekend, you might notice the unusually high gas prices at the pumps if you want to fill up your tank. Drivers will encounter record high gas prices for this time of year.
According to a CNN analysis of federal statistics dating back to 1990, the all-time high for gas prices during the week preceding Labor Day was established in 2012 at $3.84 per gallon.
Gas prices right now are slightly short of that.
According to AAA, the national average gas prices for normal gas as of Thursday is $3.83 per gallon.
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Typically, as the summer draws to a close, gas prices decrease.
Gas prices have steadily risen this summer for a number of reasons, including OPEC’s restriction of supplies and the high heat that has interfered with refineries.
On Memorial Day, the unofficial beginning of summer, the national average gas prices of normal gas was $3.58 per gallon.
According to AAA, the national average for gasoline in 11 states is $4 or more per gallon. Washington, Arizona, Illinois, and California are all included in this.
The good news is that gas prices are still much below their peak, which was reached in June 2022. At that time, the national average gas prices for regular petrol reached a record high of $5.02 per gallon due to concerns about supply interruptions in Russia.
As disruptions from Russia failed to materialize and the Biden administration aggressively depleted emergency oil supplies, gas prices plummeted precipitously from those levels.
Drivers were seeing considerable gas savings year over year as recently as July 4.