Labor Day gas prices on track to reach their lowest level in 3 years
CBSN
American motorists may be paying significantly less at the pump this Labor Day, with gas prices expected to be the cheapest for the holiday in three years.
Continuing a recent downward trend, the average price of gas nationwide will fall to $3.27 per gallon on Labor Day, GasBuddy predicted in its annual travel forecast for the holiday. The projection has the price running 50 cents below the $3.77 average recorded a year ago, meaning motorists would be paying 13% less.
GasBuddy estimates Americans will spend roughly $750 million less at the pump this Labor Day than they did during the three-day weekend in 2023.
President Trump ordered the release of 172 million barrels of oil from the United States' Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
U.S. motorists are likely to face higher gas prices for several weeks even if crude oil remains stable, according to GasBuddy petroleum analyst Patrick De Haan. Edited by Aimee Picchi In:
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