Gas prices: Higher than expected on Labor Day, but still lowest in years
The article discusses gas prices around Labor Day, noting that while prices were slightly higher than expected, they remain the lowest in several years. After a stable summer with relatively steady gas costs as Memorial day, the national average price for regular gasoline stood at about $3.186 per gallon on the Tuesday after Labor Day, a minor decrease from $3.19 on Labor Day itself but slightly above projections.Despite some fluctuations, this summer marked the cheapest driving season as the pandemic began in 2020.
Experts, including Patrick De Haan from GasBuddy, express cautious optimism that prices may continue to fall below $3 per gallon in the fall. However, potential challenges such as hurricane season, trade uncertainties, tariffs, and geopolitical factors like Russia’s war on Ukraine might influence prices moving forward.
Regional differences in gas prices persist, with Gulf Coast states generally having the lowest prices, while West Coast states, especially california, Hawaii, Washington, Oregon, and Nevada, have the highest. For instance, California’s average cost is about $4.61 per gallon, whereas Mississippi enjoys the cheapest prices at roughly $2.71 per gallon. despite some unexpected price increases near Labor Day, gas prices remain comparatively low, contributing to an affordable summer driving season in the U.S.
Gas prices: Higher than expected on Labor Day, but still lowest in years
Labor Day is over, and with it, the unofficial end to summer — and the summer driving season. Gas prices largely avoided the traditional summer-time hike this year, with costs remaining steady for the most part since Memorial Day Weekend. On Tuesday, the national average price for regular gas is $3.186 per gallon.
Tuesday’s pricing slightly decreased from Labor Day, when gas was $3.19 per gallon. This was higher than the projected $3.15 for the national average this weekend and more expensive than Monday, Aug. 26, when the average price for a gallon of regular gas was $3.161. It was also more costly than a month ago, when gas was $3.152, according to AAA. Nevertheless, even with the unexpected slight surge in gas prices, it was the lowest national average cost for gas since 2020.
“It’s been the cheapest summer to hit the road since the pandemic, a trend that will likely continue with the potential for the national average to fall below $3 per gallon this fall,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement, while discussing cheaper gas price projections ahead of Labor Day.
Yet, despite the optimism, De Haan did warn that some hurdles ahead could affect the price of gas, with the prospect of cost increases as well.
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“We’ve seen a remarkably affordable summer to hit the road with incomes up and gas prices down, but there are some challenges that remain: hurricane season and uncertainty over trade, tariffs, and Russia’s war on Ukraine,” read De Haan’s statement.
The national average price for a gallon of regular gas had decreased every month since May, when the cost was $3.278, a decrease of slightly more than two cents in April, when it averaged $3.299 per gallon, according to the U.S. Energy Information Administration. August was the first time since April when the national average price for regular gas increased, rising ever-slightly to $3.258 in August from July’s average of $3.25.
Presently, most gas price analyses identify a $3-per-gallon cost as a reasonable price point in today’s market when studying fuel cost affordability throughout the nation. With the price of gas decreasing in recent months, the number of states averaging less than $3 per gallon has increased. However, the total number of states at this price point for gas has fluctuated over the summer.
During the last week of August, the average gas price in 20 states was less than $3 per gallon. As of Tuesday, that quantity had dropped to 19 states. Different regions of the country have different gas prices. The area with the lowest average gas prices is on or near the Gulf Coast. Conversely, the states with the highest average gas prices are on the West Coast.
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California has the most expensive gas prices in the country at $4.61 per gallon. This is followed by Hawaii, which has a statewide average cost of $4.456 for a gallon of regular gas. Next is Washington at $4.394 and then Oregon at $3.978 per gallon. Nevada rounds out the top five states with the most expensive gas prices at $3.823.
Mississippi is the state with the cheapest gas prices in the nation on Tuesday, costing $2.713 per gallon. Oklahoma is next at $2.745, followed by Arkansas at $2.752. Louisiana is next at $2.76 per gallon, and then Texas, which rounds out the five states with the cheapest fuel costs in the country with a price of $2.77.
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