Friday, August 29, 2014

Gas prices down as Labor Day approaches

Good news if you're planning a driving trip for Labor Day weekend: gas prices are down.

According to a brief issued by the U.S. Energy Information Administration (EIA), declining crude oil prices are giving U.S. drivers the lowest gas prices of the last four Labor Day weekends.

“The U.S. average retail price for regular gasoline was $3.45/gallon (gal) on August 25, the lowest price on the Monday before Labor Day since 2010," the EIA said in its brief. "The average price at the pump is now $0.25/gal lower than it was at the end of June."

The agency said Lower North Sea Brent crude oil prices are the main driver of the decline in gasoline prices, as the current Brent crude price is lower than it was last month, and lower than it was on Labor Day weekend in 2013.

Full details are available in the brief titled “Today in Energy,” which is available on EIA’s website.

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Graph provided by the U.S. Energy Information Administration
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