US Labor Day Gasoline Hits Record $4.15/gal; Supply Outlook Tight

The US national average gasoline price reached a record $4.15 per gallon on Labor Day, up 30% year-over-year, driven by tight refining capacity and high crude costs. The record price signals sustained inflationary pressure on consumers and could influence Fed policy, though the duration of the spike depends on refinery restarts and hurricane season.