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Gas Prices Shatter Records Amidst War Costs
9 Sep
Summary
- National average gas price surpasses $4 for Labor Day, a historic first.
- U.S. households have collectively spent over $100 billion extra on fuel.
- Goldman Sachs warns global oil prices could reach $120 a barrel.
As of September 9, 2026, Americans are experiencing the highest gas prices ever recorded for this time of year, with the national average standing at $4.15 per gallon. This marks the first instance of the average exceeding $4 on Labor Day. The ongoing conflict has resulted in a substantial financial strain on U.S. consumers, with total additional costs for gasoline and diesel surpassing $101.1 billion since late February. This translates to an average household expense increase of $423 for gas and $349 for diesel, with diesel prices reaching a record $5.90 per gallon. In total, households have incurred an average financial impact of $772. Analysts at Goldman Sachs are forecasting continued upward pressure on oil prices, potentially reaching $120 a barrel. While crude oil prices may not experience immediate drastic spikes due to producer adaptation and inventory levels, near-term risks remain significantly tilted towards further increases. Disruptions in Middle Eastern shipping are expected to persist, with potential intensification of attacks in critical waterways influencing global oil benchmarks.
