Gasoline prices in the US have reached a record high for the Labor Day weekend, with the national average for regular gasoline hitting $4.1505 per gallon according to AAA. This figure exceeds the previous holiday record established in 2012. Higher averages were observed in states such as Washington, Hawaii, and California.
The price surge is attributed to strong demand and potential supply constraints. This development has shifted market focus toward the broader energy market and crude oil prices.
On the Polymarket prediction platform, the likelihood of crude oil reaching a new all-time high by September 30 is currently 2%, down from 3% a week ago. For the December 31 milestone, the market suggests a 9.5% probability.
Global energy supply concerns and geopolitical tensions remain key factors. Market observers are monitoring OPEC, specifically Secretary General Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud, for potential production adjustments. Data from the Energy Information Administration is also being tracked to determine future price trends.
