This Labor Day weekend will see the highest gas prices for this time of year in more than a decade.
The average price for a gallon of regular gasoline in Maine right now is $4.17, up 5 cents from a week ago and $1.04 from a year ago, according to AAA Northern New England.
That’s slightly higher than the national average, $4.14, the highest price for a gallon of gas ahead of Labor Day weekend since 2012 when pump prices hit $3.82, AAA said Thursday.
Labor Day weekend traditionally marks the end of summer and is a major time for drivers to hit the road.
Global fuel supplies are being squeezed by a number of factors, particularly President Donald Trump’s ongoing war against Iran and the recent drone attacks against Russian refineries during Vladimir Putin’s now 4-year-old invasion of Ukraine, according to GasBuddy, which has been tracking gas prices for a quarter century.
“It’s been a challenging year for motorists, with constant ups and downs at the pump that stayed elevated into this final summer holiday, though relief may lie ahead if tensions ease,” Patrick De Haan, head of petroleum analysis at GasBuddy, said this week. “Last year saw the cheapest Labor Day since 2020, but the pendulum has swung wildly this summer. This year has been less about typical supply and demand, and more about uncertainty over how global tensions will affect the availability of crude oil and refined products.”