Gas reaches $4.14, putting Labor Day on track for a record at the pump

Gas reaches $4.14 before Labor Day | ABNN NewsbreakABNN Newsroon

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(ABNN) - A gallon of regular gasoline now costs an average of $4.14 nationwide, putting drivers on course for the most expensive Labor Day ever at the pump.

AAA reported Thursday that the national average was up about 4 cents from the previous week and approximately 95 cents from the $3.19 average recorded one year ago. The average was $4.09 both one week and one month earlier.

The increase comes as the war the United States and Israel launched against Iran continues to disrupt shipping and energy markets around the Strait of Hormuz.

As The American Black News Network reported earlier this week, renewed U.S. strikes on Iran helped push crude-oil prices above $90 a barrel. AAA attributes the higher gasoline prices to continued volatility around the strait and the high cost of crude oil.

The current Labor Day record is $3.82 a gallon, set Sept. 3, 2012. AAA says the national average has never been above $4 on Labor Day.

Gasoline demand generally declines as summer ends, ordinarily placing downward pressure on prices. This year, drivers are entering the holiday weekend with gasoline nearly $1 a gallon more expensive than it was one year ago.

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