As the summer travel season came to a close, Americans faced the most expensive Labor Day at the pump on record, extending the squeeze on household budgets for millions who hit the road over the holiday weekend.AAA estimated that nearly 40 million Americans would drive over the holiday, paying unprecedented prices for gasoline.The national average for regular gasoline reached $4.15 per gallon on Tuesday, up about 5 cents from the previous week and nearly 96 cents higher than a year earlier.The price shattered the previous Labor Day record of $3.82, set in 2012, and marked the first time the national average topped $4 during the holiday weekend.FORGET GASOLINE: THIS OVERLOOKED FUEL COULD RAISE THE PRICE OF NEARLY EVERYTHING YOU BUYDrivers fill up at a gas station as fuel prices remain elevated following the Labor Day weekend.
(David Paul Morris/Bloomberg/Getty Images)The spike came despite a seasonal trend that typically brings some relief after Labor Day, when summer travel winds down and gasoline demand eases.This year, however, elevated crude oil prices tied to the Iran conflict offset that typical decline.Fighting in the Middle East raised concerns about disruptions to oil shipments through the Strait of Hormuz, a narrow waterway between Iran and Oman that carries roughly one-fifth of the world's crude oil.
Those concerns kept crude oil prices near $90 a barrel, limiting the seasonal decline in gas prices motorists typically see after Labor Day.The record prices pose a political challenge for President Donald Trump, who campaigned on affordability and pledged to bring gasoline below $2 per gallon.His push to expand domestic oil and gas production has made energy costs a key test of his economic agenda, particularly as the Iran conflict drives crude prices higher.With Americans still facing elevated everyday costs, record Labor Day gas prices could contribute to making affordability a major issue heading into the midterm elections in November.TRUMP'S AMBITIOUS ...