Gas Prices Top $4 as Oil Above $90 Puts PSX, VLO and MPC in Focus

Gasoline prices are moving above $4 per gallon into Labor Day, with GasBuddy estimating a national average of $4.03—higher than the prior Labor Day record of $3.83 set in 2012. The increase is linked to higher crude prices and tight fuel supply. Oil climbed back above $90 per barrel this week, and renewed U.S.-Iran fighting has raised concerns about global crude shipments. In parallel, attacks on Russian refineries are tightening supplies of diesel and other refined products. Analysts say the refining segment could benefit: U.S. refinery utilization is at 98%, the highest since 2018, while gasoline inventories fell to 205.7 million barrels last week, below the five-year August average of 217.6 million. Exports of refined products are also up more than 10% year over year.