Back to today’s briefing

Story perspectives

AAA: Gasoline Hits Record $4.14 Ahead of Labor Day

9/7/2026

28 2 Full Breakdown

Summary

Story summary

U.S. consumers face record-high gasoline prices for Labor Day weekend, driven by the Iran-U.S. conflict and Russian attacks.
AAA reports the national average reached $4.14 per gallon, beating the 2012 record of $3.82.
Diesel prices hit a record $5.85 per gallon, overtaking the $5.82 peak in June 2022.
President Donald Trump pledged to lower costs and urged a ‘tiny little bit more’ payment for gasoline to block Iran.

History

Historical Context

In October 1973 OAPEC, led by Saudi King Faisal, embargoed the United States and Israel’s allies, cutting output and pushing barrel prices from $3 to nearly $12—a 300% rise. The shock prompted the U.S. Strategic Petroleum Reserve and fuel-efficiency standards, measures policymakers reference amid today’s record gasoline and diesel prices.

1 of 2

Story summary

U.S. consumers face record-high gasoline prices for Labor Day weekend, driven by the Iran-U.S. conflict and Russian attacks.
AAA reports the national average reached $4.14 per gallon, beating the 2012 record of $3.82.
Diesel prices hit a record $5.85 per gallon, overtaking the $5.82 peak in June 2022.
President Donald Trump pledged to lower costs and urged a ‘tiny little bit more’ payment for gasoline to block Iran.

1 / 2