Lowest gas prices in the Us
With stock markets hitting some major bumps recently, cheap gasoline should provide Americans a far smoother ride this Labor Day weekend and the likely prospect of $2 pump prices by Christmas. Average regular unleaded will cost the least for the Lab Wochit
Gas prices this Labor Day weekend will be the lowest since 2004.(Photo: Gene J. Puskar, AP)
With stock markets hitting some major bumps recently, cheap gasoline should provide Americans a far smoother ride this Labor Day weekend and the likely prospect of $2 pump prices by Christmas.
Average regular unleaded will cost the least for the Labor Day break since 2004, AAA says. The national average was $2.44 a gallon Thursday, down nine cents over the past week and $1 below the year-ago price.
Prices have fallen sharply in recent days and are expected to continue to edge down through the weekend after BP's refinery in Whiting, Ind. - the largest in the Midwest - was repaired in late August, increasing gasoline supplies, says AAA spokesman Avery Ash.
The facility was unexpectedly shut down earlier in the month.
The lower costs are coming despite what AAA expects to be the busiest Labor Day weekend for motorists since 2008, with 30.4 million travelers hitting the road, up 1.1% from a year ago. Credit solid job and income growth, along with the bargains at the pump.
Gas prices generally have traced the dramatic decline in oil prices since February amid high crude production both in the US and overseas, and concerns about weakening global demand.
Oil prices have been volatile recently, dropping below $40 a barrel early last week for the first time in six years and then rallying as much as 28% in recent days on reports of lower-than-estimated U.S. production and possible cuts in output by the Organization of the Petroleum Exporting Countries. West Texas Intermediate futures closed up 50 cents Thursday at $46.75 a barrel, though that's still down from about $61 early this year.
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RT @ToddKunzKIDK: .@AAAnews @AAAOregonIdaho: #Idaho #gas prices move lower, down 30 cents in past month. Gem State prices still 8th highest…