Gasoline prices this Labor Day are set to be the lowest since 2004 according to GasBuddy, the travel and navigation app used by more North American drivers to save money on gas. The company predicts a national average of $2.19 per gallon, down nearly 37 cents from last year and the lowest priced Labor Day since 2004’s $1.82 per gallon average.
“With Hurricane Laura now behind us and many refineries returning to service, gas prices will
begin to head lower just in time for the Labor Day weekend,” said Patrick De Haan, head of
petroleum analysis. “This will be the lowest Labor Day weekend gas prices since 2004, closing
out an incredible summer at the pump with the most stable and lowest overall price from
Memorial Day to Labor Day since 2004 as well. For motorists, the good news doesn’t end with
Labor Day: gas prices will likely continue falling as seasonal factors kick in, reducing demand,
and in addition, we switch back to cheaper winter gasoline in just a couple of weeks.”
Given the drop in gas prices, GasBuddy’s study on how many hours motorists need to work to
pay their annual gasoline expenses found that U.S. motorists can work 19% fewer hours on
average to pay their annual gasoline bill (72.3) compared to 2019 (88.9).
“Despite the drop in amount of labor needed to fuel the car, it is sadly juxtaposed with historic
unemployment rates,” said De Haan. “Fewer hours of work required to fill a gas tank does not
offer much relief for millions of Americans without jobs across the country.”
Drivers in Idaho have to work the highest number of hours to afford their annual gasoline
expenses (91.6 hours), followed by Nevada (90.0) and Montana (85.7). In 2019, Nevada was in
first place for the highest number of hours needed to pay an annual gasoline bill.
The study looked at the latest state-by-state median wage data available from the Department
of Labor (May 2019), as well as data from GasBuddy’s payments card , Pay with GasBuddy , to
calculate average yearly demand by state, using the average price on record, by state, on
Aug. 14, 2020.
- Happy Labor Day: Pixaby