Labor Day Could Bring First-ever National Gas Average Above $4 Per Gallon

UNDATED (WJON News) -- Diesel prices surged nearly 17 cents per gallon nationally in the past week, leaving it less than 25 cents away from an all-time record high.

Gas Buddy says gasoline, while not at all-time records, is at its highest level ever recorded this late in the calendar year, meaning Americans could for the first time ever see a national average price of gasoline above $4 per gallon on Labor Day.

Get our free mobile app

Average gasoline prices in Minnesota have risen 16.8 cents per gallon in the last week, averaging $4.13 per gallon.  The national average price of gasoline has risen 2.9 cents per gallon in the last week, averaging $4.05.

Gas Buddy says while some oil shipments are apparently getting through the Strait of Hormuz, the dominant force propping up both gasoline and diesel prices is increasingly the growing loss of Russian refinery capacity, as continued Ukrainian attacks knock more facilities offline and constrain the global supply of refined fuels.