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by WILL FOLKS
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Gas prices set a new Labor Day record as U.S. president Donald Trump‘s ill-conceived war with the Islamic Republic of Iran ramped back up ahead of the holiday.
The average price for a gallon of regular unleaded stood at $4.1514 on Tuesday (September 8, 2026) – nearly a dollar more expensive than last year’s Labor Day per gallon price ($3.1998). That’s a 29.74% increase, according to AAA, “the highest gas prices ever for this time of year.”
The previous Labor Day record was $3.82 per gallon, set on September 3, 2026.
Meanwhile, diesel fuel – which powers an estimated 97 percent of America’s tractor-trailer trucks – stood at an all-time record high of $5.9012 per gallon, up more than $2.20 per gallon (or 59.4%) from a year ago.
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Driving this spike?
“Continued volatility in the Strait of Hormuz,” AAA noted in its release.
That’s a reference to the narrow sea lane through which up to one-fifth of the world’s petroleum flows… a vital global energy artery that has seen precipitous declines in traffic ever since the United States and Israel initiated hostilities against Iran in late February.
Trump has offered multiple conflicting accounts regarding the objectives of his Iranian operation – and conflicting accounts regarding its progress. He’s also been all over the proverbial map regarding the status of the strait… alternately claiming “total control” over the passageway while he negotiates with Iran to open it.
In South Carolina, the average price per gallon for regular unleaded was $3.7501 – up 32.2% from the previous year. Diesel fuel also set a new record in the Palmetto State over the Labor Day weekend at $5.7129 (up 66.26% from a year ago). In neighboring North Carolina, the average price was $3.838 – up 34% from last year.
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“This is the time of year that most Americans see gas prices going down as demand falls… but as of late, we’ve been seeing a lot more ups- especially for diesel- the fuel that drives the U.S. economy,” noted Patrick De Haan of GasBuddy.
While the Palmetto State’s gas prices were lower than the national average this holiday, South Carolinians have historically suffered more at the pump than their national peers. That’s due to the state’s chronically low income levels, which force citizens to spend a higher share of what they earn on fuel costs.
According to an analysis conducted last fall by FinanceBuzz, South Carolinians spent 2.82% of their income at the gas pump – well above the national average of 2.28%.
Despite soaring prices wreaking disproportionate havoc on Palmetto State citizens, “Republican” leaders in the ostensibly conservative S.C. General Assembly refused to temporarily suspend the state’s gasoline tax earlier this year. In fact, powerful speaker of the House Murrell Smith and his top budget writer, Bruce Bannister, have refused to even allow the issue to be debated.
Facing withering criticism over the ongoing affordability crisis, Trump insisted “oil prices will drop precipitously… when we WIN the war with Iran.”
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“Three dollars a gallon, but ultimately, below two dollars a gallon,” Trump predicted on his Truth Social page on Monday. “It will all happen quickly.”
While Trump is promising better days ahead, financial analysts see things getting significantly worse in the near term. Just this week, Goldman Sachs projected oil prices would climb as high as $120 per barrel in the coming weeks.
This prolonged pain at the pump has already had a devastating impact on the U.S. economy. According to an analysis by Brown University, American consumers have already paid $101 billion (an average of $771 per household) on extra fuel costs since the start of the war six months ago.
That number is only going to increase as long as oil prices remain elevated…
Keep it tuned to FITSNews as we continue tracking these rising prices… and their economic and political impacts.
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ABOUT THE AUTHOR…
Will Folks is the founding editor of the news outlet you are currently reading. Prior to founding FITSNews, he served as press secretary to the governor of South Carolina. He lives in the Midlands region of the state with his wife and eight children.
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