Labor Day gas prices cheapest since 2010
The late summer slide in global crude oil prices will push the cost of U.S. gasoline to its lowest Labor Day level since 2010. Better yet: prices are likely to continue dropping to 2014 lows by mid-autumn.
Nationally, regular, unleaded gasoline will average $3.41 a gallon - 18 cents cheaper than 2013's Labor Day weekend and 42 cents a gallon less than the record $3.83 average for the 2021 holiday weekend .
The energy markets have shrugged off tensions in the Middle East, the Ukraine-Russia conflict and minor supply disruptions during normal peak summer driving season.
But with demand now at seven-year lows and daily North American oil production at 8.46 million barrels- a five-decade high - geopolitical risks are having less impact on oil prices.
Benchmark West Texas crude oil currently trades at $93.69 a barrel, down from a June $106 peak. Brent crude oil, which peaked at $115.75, is now $102.54 a barrel.
Pump prices should continue sliding through early November, when they could average $3.25, according to gasbuddy.com oil analysts Tom Kloza and Patrick DeHaan.
Eleven states; Missouri, New Jersey, Virginia, South Carolina, Tennessee, Mississippi, Alabama, Arkansas, Louisiana, Oklahoma and Texas, are close or below $3.25 a gallon now.