Labor Day Gas Prices Are the Best in Years
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iStock/Thinkstock(NEW YORK) — Americans hitting the road for the Labor Day weekend may get some welcome relief at the pump. That’s because gasoline prices this holiday weekend are expected to be at their lowest level in four years.
Currently, the national average price for a gallon of regular is $3.43. That’s 16 cents cheaper than Labor Day 2013.
ABC News Chief Business and Economics Correspondent Rebecca Jarvis explains, “Oil is dropping, because we saw prices earlier in the summer above $100 a barrel. There were fears that the instability in Iraq would hit oil supply. They didn’t in any major way.”
What’s also responsible for the decline is that U.S. production of oil is at a 42-year high.
According to AAA, 29.7 million Americans are projected to go on a road trip between this Thursday and next Monday.
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