The big picture: Gasoline prices are almost certain to remainnorth of $4 per gallon over Labor Day weekend — a heavy travel stretch and the time when midterm election season intensifies.
The White House is at odds with some private sector analysts over how much oil is leaving the Strait of Hormuz — but it will take weeks until the picture of what's truly getting through becomes clear.
Why it matters: How much oil exits the waterway sways the price of gasoline and other consumer products.
The average price of diesel topped its 2022 record high on Friday, spiking to $5.85 per gallon, per AAA.
Why it matters: Farmers, truckers and freight companies have been absorbing higher diesel costs since the Iran war began. The ballooning price threatens to further raise shipping costs while compounding a growing political problem for President Trump.
