Labor Day gas prices lowest since 2004
Gasoline prices this Labor Day are set to be the lowest since 2004, according to GasBuddy.
The company predicts a national average of $2.19 per gallon, down nearly 37 cents from last year and the lowest priced Labor Day since the $1.82 per gallon average in 2004.
“With Hurricane Laura now behind us and many refineries returning to service, gas prices will begin to head lower just in time for the Labor Day weekend,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “This will be the lowest Labor Day weekend gas prices since 2004, closing out an incredible summer at the pump with the most stable and lowest overall price from Memorial Day to Labor Day since 2004 as well. For motorists, the good news doesn’t end with Labor Day. Gas prices will likely continue falling as seasonal factors kick in, reducing demand, and, in addition, we switch back to cheaper winter gasoline in just a couple of weeks.”
Given the drop in gas prices, GasBuddy’s study on how many hours motorists need to work to pay their annual gasoline expenses found U.S. motorists can work 19 percent fewer hours on average to pay their annual gasoline bill (72.3) compared to 2019 (88.9).
“Despite the drop in amount of labor needed to fuel the car, it is sadly juxtaposed with historic unemployment rates,” said De Haan. “Fewer hours of work required to fill a gas tank does not offer much relief for millions of Americans without jobs across the country.”
For more information, visit www.gasbuddy.com.
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