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7h ago

Labor Day Gas Prices Poised to Hit Cheapest Level Since 2020, With National Average Near $3.15

A seasonal drop in gasoline demand is helping pull prices lower, analysts say.

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Overview

  • GasBuddy projects a U.S. average of about $3.15 per gallon for Labor Day, roughly 14 cents below a year ago and the lowest for the holiday since 2020.
  • This summer has been the most affordable at the pump in five years, and GasBuddy says the national average could dip below $3 per gallon this fall.
  • Recent Midwest price spikes stem from the Aug. 19 storm-related shutdown at BP’s Whiting, Indiana refinery; AAA says two units have restarted but higher regional prices may linger through the holiday.
  • Prices vary widely by state, with AAA listing Georgia’s Aug. 25 averages at $2.895 for regular and Colorado now at $3.18 versus $3.34 last Labor Day.
  • GasBuddy flags risks from hurricane season, trade and geopolitics, while some commentators attribute lower prices to President Trump’s energy policies and record U.S. oil and gas output.