Drivers hitting the roads this Labor Day weekend will be greeted by historically high gas prices for this time of the year.
The record-high for gas prices during the week leading up to Labor Day was set in 2012 at $3.84 a gallon, according to a CNN review of federal data that goes back to 1990.
Eleven states across the country average $4 a gallon or more, according to AAA. That includes Illinois, Washington, Arizona and California. However, the situation changed as oil prices jumped, boosted by easing recession fears and Russia and Saudi Arabia slashing production. Some of America’s aging refineries – the last major refinery was built in 1977 – can’t go all-out in triple-digit temperatures.
“They’d like to run at 100%. They have the economic incentive to run at 100%. They just can’t because of the heat,” said Lipow.It’s worth noting that while gas prices are high for this point of the calendar, these figures aren’t adjusted for inflation.
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