You can expect to pay more at the pump this Labor Day long weekend – and beyond.
Not only are national average gasoline prices hitting a four-year high, gas prices are going to go higher once the holiday comes to an end.
The national average cost for gas is $2.85 per gallon, representing 43 cents a gallon more than drivers paid at the same time a year ago.
Unlike previous years, you may not get to witness a substantial drop in gas prices with summer coming to an end. Because of the refinery maintenance season is upon us, looming U.S. sanctions on Iran, the driving season ending, and oil-rich nations are producing as much as they normally do, you can anticipate higher oil and gas prices in the coming weeks.
If a hurricane strikes the U.S., then you can certainly witness even higher prices.
Here is a CNBC chart highlighting weekly U.S. gasoline prices since January 2014:
With surging prices, you’re going to see U.S. oil companies ramp up their output.
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