Labor Day Gas Prices Cheapest Since 2010
Filling your tank for the holiday weekend cost substantially less this Labor Day compared to any Labor Day this decade, and the number of people expected to be on the road will be the highest since 2008.
Across the nation, the average price of gasoline is down $0.18 to $3,45, down almost ten cents from a year ago and down from $3.50 earlier this month. Meanwhile, the price of diesel fuel is down by $0.014 to $3.821, also down almost ten cents from last Labor Day.
With the exception of the Midwest region for gasoline and the Rocky Mountain region for diesel, the price of fuel has dropped in every area of the country according to the U.S. Energy Information Administration.
The drop in fuel prices is largely due to the fact that South Texas Eagle Ford shale is now adding in excess of one million barrels of oil to the world’s oil supplies each day, while refinery production in the United States is at all-time highs.
Despite the ongoing instability in the Mideast, the new U.S. oil supply is able to provide a cushion that has kept prices low and translates to less expensive fuel at the local filling station.
(Photo: Accura Media Group)