Global conflict drives record Labor Day gas prices to new peak

CHARLOTTE — Gas prices at the pump set a record nominal high for Labor Day on Monday as millions of drivers returned from the holiday weekend.

Despite the unadjusted record, drivers experienced the highest level of financial strain at the pump in more than a decade.

While current prices mark an all-time nominal high for the holiday, inflation-adjusted figures show motorists have experienced higher costs in previous decades.

When adjusted for inflation, gas prices were higher on Labor Day in 2012, reached steeper peaks following the 2008 financial crisis, and remained below the annual average set in 1980 during the height of the energy crisis.

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The surge has placed a heavy financial burden on daily commuters and motorists.

Driver Elias Lagos travels extensively for work in a 250 truck and spends approximately $100 per fill-up.

“Probably twice a week. I travel a lot for work. And it’s a 250, so it’s eating up gas,” Lagos said.

Other motorists are experiencing similar pressure as fuel costs rise. Driver Brigite Morais said she is spending at least $15 more each time she fills her vehicle with premium gas.

“I have to get premium, and I’m now spending at least $15 more every time I fill up my vehicle, so I’m tired. It feels like we are just fighting for our lives out here,” Morais said.

Morais also pointed to international conflicts contributing to domestic price surges.

“Why are we at war when it has nothing to do with us? And now we’re fighting for the consequences of things that we shouldn’t be putting our noses in,” Morais said.

According to energy analysts, global military conflicts and supply disruptions are largely responsible for the elevated gas and diesel prices.

Ukrainian attacks on Russian oil refineries have squeezed global supplies, while refiners in China are producing less fuel.

Furthermore, the war in Iran has closed the Strait of Hormuz, a vital shipping channel in the Middle East.

Gas prices are forecast to decrease as fall approaches. Refiners are scheduled to switch to a cheaper winter-blend fuel later this month, a transition that historically lowers prices at the pump by 10 to 30 cents.