NASHVILLE, Tenn. (WTVF) — Gas prices are reaching record highs just in time for the Labor Day holiday weekend, and experts say drivers should expect to pay more than ever before to fill up.
GasBuddy predicts the national average will reach $4.03 a gallon this Labor Day weekend — $0.87 higher than last year and the most expensive Labor Day at the pump in history.
WATCH Record gas prices expected to hit drivers this Labor Day weekend
In Tennessee, the current average is $3.83 a gallon, up from $3.69 just a week ago. Last year, Labor Day prices sat around $3.16 a gallon. Both the national and state figures break the previous Labor Day record set in 2012.
Global conflicts are driving up costs. Tensions with Iran are threatening major oil routes, and drone strikes on Russian refineries are tightening worldwide fuel supplies.
Diesel prices are also hitting record highs. According to Reuters, the national average for diesel has reached $5.82 a gallon. Higher diesel prices can eventually raise the cost of food and other goods.
Patrick De Haan, GasBuddy head of petroleum analysis, said:
"Prices have gone up rather dramatically this week on new escalations between the U.S. and Iran, and continued Ukrainian drone attacks on Russia have continued to push gas and diesel prices higher. In fact, diesel prices this morning, now just 4 cents from a new all-time record."
Some relief may be on the way in the weeks ahead. Fewer people are expected to drive after the summer season ends, and gas stations will switch to a cheaper winter fuel blend after Sept. 15. However, experts warn ongoing global conflicts could delay those savings.
Do you have more information about this story? You can email me at (Tony.sloan@newschannel5.com).
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