Labor Day Gasoline Just Hit a Record. Here’s What Comes Next
Gas Ban Gets Favorable Hearing in Federal Appeals Court Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.
gasoline hit a Labor Day record of $4.15 per gallon, up 30% year-on-year, while diesel surged to $5.90.
Beyond its historical roots as a day to honor the achievements and contributions of workers, Labor Dayhas emergedas one of the largest retail sales weekends of the year in the U.S., second only to Black Friday.
People usually travel in large numbers, too, with the Transportation Security Administration (TSA) expectedto screenmore than 17 million passengers over the holiday.
However, motorists were feeling plenty of pain at the pump this time around: thenational averagecost of unleaded gasoline clocked in at $4.15 per gallon on Monday, 30% higher from a year ago and well above the previous Labor Day record of $3.83 per gallon recorded in 2012 thanks to the ongoing conflict in the Middle East.
Diesel prices are similarly elevated, having jumped to $5.90 per gallon, up from $3.70 per gallon a year ago.“While gas prices are not at their all-time highest, they have reached a record level this late in the year, meaning Americans could see a national average above $4 per gallon for the first time on Labor Day,” Patrick De Haan, chief analyst at GasBuddy,wrotein a recent blog post.
While motorists in California, Hawaii and Washington are currently paying the most for their gas, those in Utah, Colorado, Montana, Idaho, Wyoming and North Dakota have experienced the steepest price increases since the war began.
High fuel costs have forced drivers to cut back on holiday road trips and cancel long-distance autumn and winter travel plans, with domestic air fares ~20% more expensive than the previous year over Labor Day.
Related: Dutch TTF Gas Jumps 2% as Winter Storage Race Heats Up There is no reprieve in sight: renewed military escalations between the U.S.
and Iran have reversed the recent decline in crude prices, withBrent crudefor November delivery jumping more than $6 over the past week to trade above $97 at the beginning of the week, with WTI changing hands at over $92.
military struck and sankthree Iranian oil tankers in response to Iran’s Islamic Revolutionary Guard Corps (IRGC) targeting U.S.
The sunk oil tankers included a very large crude carrier (VLCC) struck in the Persian Gulf near Kharg Island as well as two Suezmax vessels near the Gulf of Oman.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment