U.S. gasoline prices reached a Labor Day weekend record, averaging about $4.14 to $4.15 per gallon—more than 30 cents above the previous holiday record of $3.82 set in 2012 and nearly $1 above a year earlier. Prices varied by location, including averages of about $4.01 in Maryland and $3.89 in Georgia, while some parts of the Mid-South remained below $4. Crude prices above $90 per barrel and supply disruptions involving the Strait of Hormuz, amid the conflict between the United States, Israel and Iran, prevented the usual post-summer decline. Diesel also hit a record for any day at roughly $5.85 to $5.90 per gallon, raising transportation costs that could increase grocery and delivery prices. Tens of millions of Americans traveled over the holiday weekend despite higher fuel, flight and hotel costs, while some families curtailed trips or reduced driving.
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Center· 15 sources
“Labor Day travelers face record gas prices as holiday weekend ends”Right· 5 sources
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Everything I buy gets trucked in, so this hits my grocery bill twice - once from shipping and again when farmers pass on their fuel costs.
Refinery capacity is the real bottleneck here, not just crude prices. We shut down too much capacity over the years and now we're paying for it.