National gas prices drop nearly $1/gallon – Northern Star

Courtesy of GasBuddy

Gas prices are expected to drop slightly in time for Labor Day weekend.

BOSTON— After months of endless price hikes at the gas station, gasoline prices have fallen every week of the summer and are expected to be at their lowest since March 3. Gasoline prices are 20% lower than Independence Day at $3.79 a gallon. According to GasBuddy, prices this Labor Day weekend will continue to fall from summer highs, but are still more than 60 cents per gallon more expensive than last year.

Soaring gasoline prices this year have complicated the road trip plans of many Americans. At the start of the summer, 58% of Americans indicated in the GasBuddy survey that they intended to take a road trip during the summer, with 33% traveling on Labor Day weekend. . However, GasBuddy’s gasoline demand data tells a new story.

Gasoline demand on Independence Day weekend this year was significantly lower than in 2021. The decline in gallons pumped in recent weeks shows that seasonal trends continue to drive down gasoline demand to close out the season. ‘summer.

“It was a dizzying time as gas prices surged ahead of summer, causing many Americans to rethink their summer travel plans, only to have the longer drop in fuel prices gasoline since the pandemic is starting to provide significant relief,” said Patrick De Haan, head of oil analysis for GasBuddy. “As the sun sets in the summer, gasoline prices are in much more familiar territory and could continue to decline well into the fall barring major disruptions from hurricanes and the like.”

For late-night travelers planning to hit the road in late summer, GasBuddy recommends shopping around for the best prices. As gasoline prices continue to fall across the country, price differentials between stations can be extreme.