As millions of American households prepared for their Labor Day road trips and holiday getaways, they encountered a new unwelcome milestone: for the first time in the country’s recorded history, average retail gasoline prices climbed above $4 per gallon heading into the annual late-summer holiday. This new all-time high for the Labor Day weekend, while striking for its place in the annual calendar, still remains well below the absolute peak national price tag set just over two years ago. Back in June 2022, skyrocketing global energy costs pushed the U.S. national average gasoline price to a record $5.02 per gallon, equivalent to roughly £3.71. Against this backdrop, the reaction from everyday American drivers has been marked by a sense of resignation rather than shock, with many saying the current price surge is entirely unsurprising in the current economic climate. Ongoing supply chain shifts, OPEC production cuts, and rising summer travel demand have combined to put steady upward pressure on fuel costs throughout 2024, leaving drivers accustomed to consistent price increases heading into major travel holidays. While the $4 per gallon threshold is a first for Labor Day, many consumers have already adapted their travel plans and budgets to accommodate higher energy costs, turning to carpooling, shorter trips, and alternative transportation to offset the extra spending at the pump.
‘It’s not surprising’: Americans react to record high Labor Day fuel prices
