Fill up! Labor Day weekend gas prices lowest in a decade
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Fill up! Labor Day weekend gas prices lowest in a decade
Low oil prices and relatively good weather have contributed to the lowest gas prices since 2004. Average gas prices are nearly $1 lower than they were a year ago, and motorists in the south will spend the least this weekend, according to a forecast by GasBuddy. Oil producers have been creating larger supply around the world, including in the U.S. The average barrel of crude oil is around $47, about half the price from the same period a year ago. Drivers may save $1.4 billion at the pump this long Labor Day weekend.
Declines in crude oil prices are the main driver behind falling U.S. gasoline prices.
T. Mason Hamilton, Energy Information Administration
This weekend, nearly 70 percent of gas stations may be priced at under $2.50 a gallon compared to none last year, according to Gas Buddy’s predictions. And they could drop lower come in the upcoming months. The EIA forecasts that US regular gas prices could fall to an average of $2.11/g in the fourth quarter, and that the annual average retail gas price for 2015 could go to $2.41/g.
