US gasoline prices set to top $4 per gallon over Labour Day weekend
GasBuddy projects the national average pump price will reach about $4.03 per gallon for Labour Day, a new historic high.
GasBuddy analyst Patrick De Haan forecasts the national average gasoline price will hit about $4.03 per gallon for the Labour Day weekend, surpassing the previous record of $3.83 set in 2012. The average was already near $4.13 on Thursday, up nearly $1 from last year, as crude oil prices surged following renewed US-Iran military action and disruptions at Russian refineries. Consumers such as Randi O'Brien in Colorado and Madison Moore in Houston describe the cost as unaffordable, citing higher crude and a rise in U.S. fuel exports.
President Donald Trump has blamed refiners and retailers for the spike and pledged to lower energy costs. Analysts say the surge is primarily a supply issue, with refinery utilization at 98%, gasoline inventories falling short of the five-year August norm, and limited policy levers like an early end to summer-blend requirements and a Jones Act waiver. Diesel and other refined products are also reaching record levels, adding pressure to households ahead of the midterm elections.
Why it matters
Record gasoline prices strain household budgets and influence voter sentiment ahead of the midterm elections.
How the sides frame it
MODERATE AGREEMENTLeft-leaning coverage frames the price spike as a political problem for Republicans ahead of the midterms, while right-leaning coverage emphasizes supply-side causes and consumer hardship, noting Trump’s blame of refiners.
LEFT
The surge is portrayed as a threat to Republican electoral prospects.
RIGHT
The surge is presented as a supply-driven issue with consumers feeling the pinch and Trump blaming refiners.
The left emphasises
- Rising gas prices threaten Republican momentum ahead of midterms
- Voters are increasingly concerned about the cost of living, which could hurt the party’s prospects
The right emphasises
- The surge is primarily a supply issue, with refinery utilization at 98% and low inventories
- Consumers describe the cost as unaffordable
- President Trump has blamed refiners and retailers for the spike
How this story developed
- Sep 2 Diesel hits $5.68 per gallon, highest since 2022, as Trump urges price cuts
- Sep 4 Trump convened a meeting with refiners at the White House to discuss pump prices.
- Sep 6 AAA linked the price surge to elevated crude oil prices from the Iran war and instability in the Strait of Hormuz.
In this story
Related stories
3 in this thread