US gasoline prices hit record high over Labor Day weekend

Gasoline prices in the United States have surpassed $4 per gallon, marking a record high for the Labor Day weekend. According to AAA, the national average for regular gasoline reached $4.1505 per gallon, exceeding the previous holiday record set in 2012. The surge in prices is attributed to strong demand and potential supply constraints, with certain states such as California, Hawaii, and Washington experiencing even higher averages. This development has drawn attention to the broader energy market, where discussions around crude oil prices are intensifying. The recent spike in gasoline prices appears to be influencing market perceptions regarding crude oil futures. The Polymarket platform’s prediction on whether crude oil will reach a new all-time high by September 30 currently shows a 2% likelihood. Although this figure has remained steady over the past 24 hours, it reflects a slight decrease from 3% a week ago. Meanwhile, the market for a December 31 milestone suggests a 9.5% likelihood, indicating a modestly stronger expectation for price increases by year-end. This scenario is unfolding amid a backdrop of geopolitical tensions and energy supply concerns globally. Key energy fi...