Gasoline Prices Falling Ahead of Labor Day
There is good news at the gas pump, as Americans get ready to fill their cars, RVs and boats for the Labor Day weekend, Associated Press reported.
The national average price for gasoline has been falling steadily this month, reaching $2.678 for a gallon of unleaded Monay (Aug. 30), according to AAA, Wright Express and Oil Price Information Service. That’s about 6 cents a gallon less than a month ago and 7 cents less than it was on the Friday before the July Fourth weekend.
West Coast drivers pay the most for gas — between $2.792 a gallon and $3.539 a gallon. The cheapest gas is in Texas, the Gulf Coast states and parts of the Midwest, where prices range from $2.431 to $2.523 a gallon.
A plunge in wholesale gasoline prices earlier this month is pushing down prices at the pump, PFGBest analyst Phil Flynn said.
The price drop comes as the summer driving season ends, and gasoline supplies remain nearly 12% above the five-year average with overall demand below pre-recession levels.
Most analysts believe retail prices will continue to fall into Labor Day weekend and continue to retreat in September.
“After the Labor Day weekend, the summer driving season is basically over. We’re going into the weakest demand period of the year,” Flynn said.