Aug. 29, 2014 -
Gasoline prices are low for Labor Day 2014
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As US motorists take to the highways for the Labor Day weekend they will be paying an average of about $3.44 per gallon for gasoline, the cheapest gas has been for the holiday since 2010.
Mid-week national prices averaged $3.43 per gallon, but climbed slightly as vacationers began traveling for the long weekend holiday. According to the US Department of Energy, prices are down about 9 cents per gallon from Labor Day 2013.
Crude Oil Prices Inching Back Up
Gasoline and other motor fuels have fallen in concert with crude oil. Nymex oil traded at $94.37 per barrel mid-day Thursday and climbed to $95.17 Friday morning; Brent crude rose from $102.62 to $102.85 in the same period. Although these prices reflect a slight uptick from earlier in August, they are significantly lower than earlier in the summer.
The benchmark prices for oil had been much higher earlier this year with turmoil in Ukraine, Syria and Libya. Nymex oil traded above $105 in late June as fighting in Libya and conflict in Ukraine roiled international markets.
However increased North American production has led to ample supplies of crude for current conditions.
Track gasoline costs through the GlobalResourcesNews special page on gasoline prices.