Labor Day Gas Prices Expected to be Lowest Since 2010

A prominent automotive club predicts that gasoline prices for Labor Day motorists will be at their lowest levels in four years.

AAA’s Fuel Price Brief for Aug. 24 reports that booming production at refineries caused the price of West Texas Intermediate crude oil to bottom out at $93.65 on Friday, a drop of $3.70 from the previous week’s closing price. It is expected that the price will continue to drop, encouraging gas stations to lower their prices even further.

Trading on Monday morning has seen the price of West Texas Intermediate continue to drop, At 11:16 a.m., the price of a barrel of the crude oil cost $93.51, 14 cents lower than Friday’s closing price.

The national average gas price is $3.44, a full 15 cents cheaper than last Labor Day. The average price in Georgia has dropped to $3.32, which is 21 cents less expensive than the same gallon of unleaded gasoline cost at Labor Day, 2013.

Despite the increased demand - 29.7 million motorists will be hitting the road for the long weekend, says AAA - the lower price of oil should keep gas prices at their lowest levels for this time of year since 2010. Back then, the cost of a gallon of gas on Labor Day weekend was $2.68.