New York (CNN) — Drivers hitting the roads this Labor Day weekend will be greeted by historically high gas prices for this time of the year. The good news is that gas prices are still well below the peak set in June 2022. Psychologically important pricesIt’s worth noting that while gas prices are high for this point of the calendar, these figures aren’t adjusted for inflation. Still, consumers are very sensitive to increases in gas prices, in part because of how visible they are. In fact, the Conference Board blamed the recent uptick in gas prices for driving down consumer confidence in August.
