Drivers hitting the roads this Labor Day weekend will be greeted by historically high gas prices for this time of the year.
The record-high for gas prices during the week leading up to Labor Day was set in 2012 at $3.84 a gallon, according to a CNN review of federal data that goes back to 1990.
"This is abnormal. Prices normally fade towards the end of the summer," said John LaForge, head of real asset strategy at the Wells Fargo Investment Institute. Gas prices fell sharply from those levels as Russia disruptions failed to emerge and the Biden administration aggressively drained emergency oil reserves.How extreme heat has lifted gas prices
Gas prices have also been boosted by the record-high temperatures that have blanketed much of the country this summer. The latest data from the U.S. Energy Information Administration shows that Gulf Coast refiners only operated at 92% of capacity last week.
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