Labor Day gas prices expected to hit record highs

WASHINGTON - Drivers taking to the road this Labor Day weekend are facing unprecedented costs at the pump, with AAA reporting the highest gas prices ever recorded for this time of year.

Across the DMV and the nation, gas prices are nearly a dollar higher per gallon compared to last year. 

What we know:

The national average currently sits at $4.14 per gallon, up from $3.19 a year ago. Regional averages show D.C. at approximately $4.20, Maryland just under $4.00, and Virginia at roughly $3.93 per gallon. 

Prior to this year, the record high for a Labor Day weekend was $3.82 per gallon, set in 2012.

Local drivers report that these rising expenses are directly impacting their daily budgets and holiday travel plans. Premium gas has surpassed $6 a gallon in areas along Connecticut Avenue, forcing many residents to opt for staycations over out-of-town road trips or to search specifically for stations offering lower rates.

According to AAA, the primary drivers behind the spike are elevated crude oil prices and ongoing instability around the Strait of Hormuz, a critical route for global oil shipping. 

AAA Spokesperson Morgan Dean notes that crude oil accounts for half of what consumers pay at the pump: "When a driver goes out to the pump and goes to fill up, 50 percent of the price for that product they’re putting into their car is directly related to the price of crude oil. So when crude oil prices go up, we see those gas prices chase right behind."

While gas prices historically decrease after Labor Day as seasonal travel slows down, AAA cautions that current market conditions make it difficult to predict when relief will arrive.

Tips to save at the pump

To help stretch travel budgets, AAA recommends the following strategies:

• Compare Prices: Use the AAA app to check gas prices along your planned route before filling up.
• Maintain Your Vehicle: Ensure tires are properly inflated before embarking on a road trip.
• Reduce Weight: Remove unnecessary heavy items from your vehicle to improve fuel efficiency.
• Utilize Discounts: Take advantage of gas station rewards, credit card perks, and wholesale membership club discounts, such as Costco Gas.

AAA emphasizes that drivers should plan ahead and shop around, as every penny counts in the current market.

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