Labor Day gas prices are expected to average $3.15 per gallon, the cheapest since 2020 and down from $3.29 last Labor Day, GasBuddy reports. As of Thursday the average price is below $3 per gallon in 15 states, including Georgia, Texas, North Carolina and Iowa, AAA reports. Lower fuel costs ease some household financial strain amid higher grocery and utility prices. Gas prices remain well below last summer largely because oil prices have fallen; US oil dropped below $64 a barrel from $77.38. Gas prices crashed to $2.22 in 2020 and reached $3.79 on Labor Day 2022.
Labor Day gas prices are expected to average $3.15 per gallon this year- the cheapest since 2020 during the Covid-19 pandemic, according to GasBuddy. That's down modestly from $3.29 last Labor Day. Drivers in some parts of the country will find sub-$3 gas. As of Thursday, the average price is below $3 per gallon in 15 states, including Georgia, Texas, North Carolina and Iowa, according to AAA, the automotive and trip-planning group.
Then gas prices reached a Labor Day record high of $3.79 in 2022, the same year gas surged to $5 a gallon for the first time after Russia's invasion of Ukraine spiked oil prices. "Lowering the cost of energy is very important. It translates to an immediate increase in household cashflow and helps middle and lower-income Americans who are often living paycheck to paycheck," Joe LaVorgna, counselor to the US treasury secretary, told CNN in a phone interview.
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