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Every transaction on the Ethereum blockchain must consume less gas than the block gas limit, which can fluctuate depending on the weighted average sentiment of miners. To help incentivize inclusion of transactions when the gas limit is low, relative to the number of gas being consumed, a higher gas price can be set.

Is there an upper limit on gas price? Put another way, is there an upper bound on an individual transaction's transaction fee which is equal to quantity gas price x gas consumed? Or is the limit simply the amount of ether that the transaction's sender is willing to spend and has available?

(I came up empty-handed after a quick scan of the geth source code and couldn't find the answer on the web)

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Transaction calls have a gasLimit and gasPrice attribute.

The block itself has gasLimit, but does not have any check on gas price. This is left to the tx sender to specify.

Now, this doesn't mean the miners will not discard tx's with low gasPrice.

http://ethgasstation.info/ This shows average gas price over time and many other cool metrics.

The maximum gasPrice is ultimately decided by the funds of the tx sender. If the gasPrice (the amount you are willing to spend for 1 gas worth of computation) is greater than the accounts balance in wei the tx will through.

So, max GasPrice = account.balance

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Not sure about the overall maximum gas price but when you use go-ethereum client and ask for a SuggestPrice, there is a cap set to 500 Gwei as defined in https://github.com/ethereum/go-ethereum/blob/master/eth/gasprice/gasprice.go#L32

var maxPrice = big.NewInt(500 * params.GWei)
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At First,there is no upper limit for gas-price,miner will drop non-local transactions under our own minimal accepted gas price.if transaction pool is full,discard underpriced transactions.you will find detailly validating for one transaction where add method in tx_pool.go file.

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As far as I know the only (upper) gas price limit is what someone is willing to pay OR what one of the transaction parties might choose to set as a cap through the smart contract. During the Bancor ICO for instance, an upper gas price limit was set to discourage "those trying to cut in line." Here is the full statement which is an excerpt from this Medium Article:

Gas Rules for Advanced Users

We at Bancor, decided to set a limit of 50 gwei in order to make it more difficult for those trying to cut in line to get any advantage. Actually, if you send a transaction with higher gas price, it will be rejected by our system. For more information, read our mini post on the Gas Rules.

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