This Labor Day weekend, motorists can anticipate the cheapest gas prices in five years, according to an estimation by fuel savings platform GasBuddy.
Reports from GasBuddy indicate that the average price at the pump this year will be $3.15 per gallon, a figure 14 cents lower than the same time last year and the weakest since Labor Day 2020. According to Patrick De Haan, head of petroleum analysis at GasBuddy, this marks the most affordable summer to travel by road since the onset of the pandemic. Additionally, GasBuddy’s analysis suggests that the downward trend in prices may persist into the fall, with the national average potentially dipping below $3 per gallon.
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The lower gas prices have been a boon for road travelers, coinciding with an uptick in incomes. However, encouraging as this trend may be, there remain underlying uncertainties. These include the ongoing hurricane season and geopolitical tensions involving trade, tariffs, and the conflict between Russia and Ukraine.
In light of these considerations, it’s noteworthy that the average price of gas last year stood at $3.29 per gallon, a significant increase from the $3.77 per gallon in 2023, according to the company’s analysis. Despite this positive trend, about half the states have experienced a rise in gas prices over the past month, largely attributable to localized refinery outages.
GasBuddy predicts that as the nation transitions to cheaper winter gas in mid-September, and as demand for gasoline decreases with the end of summer, drivers can expect further relief at the pump. The significance of this should not be overlooked, as these changes may offer respite to motorists across the country.