Gas prices decline ahead of Labor Day weekend; 20% lower than July

Prices at the pump extend an 11-week decline and continue to fall before Labor Day weekend.
Prices at the pump extend an 11-week decline and continue to fall before Labor Day weekend.(welcomia via canva)
Published: Sep. 1, 2022 at 4:08 PM CDT
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(Gray News) - After numerous price hikes at the pump, it looks like we are seeing a dip in prices continue as we approach the unofficial end of summer.

According to GasBuddy, gas prices ahead of Labor Day weekend are expected to be the lowest since March 3 and 20% lower than on Independence Day, at an average of $3.79 per gallon nationally.

The soaring gas prices seen earlier in the year threw a wrench into most of our road trip plans. GasBuddy reports gasoline demand over Independence Day weekend was notably lower than in 2021, and the decline in gallons used in recent weeks continues to push demand down along with prices.

“It was a dizzying time as gas prices surged ahead of summer, which caused many Americans to rethink their summer travel plans,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “As the sun sets on summer, gas prices are in far more familiar territory and could continue to decline well into fall.”

For those hitting the road as summer travel season comes to a close, market analysts recommend shopping around for the best prices.