Story perspectives

GasBuddy: U.S. Gas Prices Hit Record $4.15 Per Gallon

9/4/2026

Summary

Story summary

GasBuddy reports U.S. drivers face record-high gasoline prices this Labor Day weekend.
National regular gasoline reached $4.15 per gallon on September 4, a September record.
President Donald Trump met refiners and announced a Venezuelan oil deal to curb retail prices.
GasBuddy says prices are 87 cents higher per gallon than last year due to Iran-related tensions.
Indiana Gov. Mike Braun extended the state gas-tax holiday to October 5, citing oil-shipping disruptions.

History

Historical Context

The 1973 Arab oil embargo, triggered in October 1973, forced OPEC to cut exports, sending U.S. gasoline prices soaring. President Richard Nixon declared a national energy emergency as the average pump price jumped from $0.36 to $0.55 per gallon, a 53% increase. Today's record $4.15 per gallon in September mirrors that crisis, with President Donald Trump meeting refiners and Indiana Governor Mike Braun extending a gas-tax holiday to temper similar consumer pressure. The 1973 shock taught policymakers that supply disruptions can trigger inflationary spirals, prompting modern administrations to negotiate deals like the Venezuelan oil agreement to stabilize markets.

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Story summary

GasBuddy reports U.S. drivers face record-high gasoline prices this Labor Day weekend.
National regular gasoline reached $4.15 per gallon on September 4, a September record.
President Donald Trump met refiners and announced a Venezuelan oil deal to curb retail prices.
GasBuddy says prices are 87 cents higher per gallon than last year due to Iran-related tensions.
Indiana Gov. Mike Braun extended the state gas-tax holiday to October 5, citing oil-shipping disruptions.

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