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U.S. Labor Day Gas Price Hits Record $4.15

9/9/2026

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Summary

Story summary

U.S. drivers paid a record $4.15 per gallon for regular gasoline on Labor Day.
The price surpassed the previous Labor Day record of $3.82 set in 2012.
Higher prices were driven by the Iran-Israel war and reduced crude shipments through the Strait of Hormuz.
Analysts expect demand drops after Labor Day and a winter-blend switch could ease prices later this fall.

History

Historical Context

In 1979 the Iranian Revolution triggered the second oil shock, prompting President Carter to begin phased deregulation of domestic oil prices on April 5 and OPEC to raise its marker crude by 14.5 percent. The crisis spurred gas rationing proposals, a reminder of how geopolitical turmoil can sharply raise fuel costs in the United States.

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Story summary

U.S. drivers paid a record $4.15 per gallon for regular gasoline on Labor Day.
The price surpassed the previous Labor Day record of $3.82 set in 2012.
Higher prices were driven by the Iran-Israel war and reduced crude shipments through the Strait of Hormuz.
Analysts expect demand drops after Labor Day and a winter-blend switch could ease prices later this fall.

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