According to GasBuddy, gasoline prices this Labor Day are set to be lower than last year for everyone. GasBuddy predicts a national average of $2.55 per gallon, down nearly 30 cents from last year and the lowest priced Labor Day since 2016’s $2.20 per gallon average.
The national average gasoline price on Labor Day itself will likely be the third lowest in the last decade, behind 2015 and 2016’s average of $2.42 and $2.20, respectively. Gas prices are likely to face additional headwinds into the autumn as the transition back to cheaper winter gasoline begins in just two weeks while demand for gasoline is also set to begin a seasonal downturn. By Thanksgiving, GasBuddy estimates that as many as 10,000 gas stations, primarily in Oklahoma, Texas, Louisiana, South Carolina, Alabama, Mississippi, and Missouri, but also a handful in the Great Lakes, will drop under $2 per gallon, barring any improvement in U.S. trade relations with China, a recent major factor in oil prices.
“While it feels nice to have seen gas prices fall so substantially into the last leg of the summer driving season, we wanted to see how motorists in each state may have to work more or less to fill their tanks,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “This study was an interesting reminder that how much time one spends to pay for gasoline varies drastically and that motorists can lessen the burden by locating low priced stations.”
The study looked at the latest state-by-state median wage data available from the Department of Labor (May 2018), as well as data from GasBuddy’s payments card to calculate average yearly demand by state, using the average price on record, by state, on Aug. 1.
