With stock markets hitting some major bumps recently, cheap gasoline should provide Americans a far smoother ride this Labor Day weekend and the likely prospect of $2 pump prices by Christmas.
Average regular unleaded will cost the least for the Labor Day break since 2004, AAA says. The national average was $2.44 a gallon Thursday, down nine cents over the past week and $1 below the year-ago price.
Prices have fallen sharply in recent days and are expected to continue to edge down through the weekend after BP's refinery in Whiting, Ind. -- the largest in the Midwest -- was repaired in late August, increasing gasoline supplies, says AAA spokesman Avery Ash. The facility was unexpectedly shut down earlier in the month.
The lower costs are coming despite what AAA expects to be the busiest Labor Day weekend for motorists since 2008, with 30.4 million travelers hitting the road, up 1.1% from a year ago. Credit solid job and income growth, along with the bargains at the pump.
Gas prices generally have traced the dramatic decline in oil prices since February amid high crude production both in the US and overseas, and concerns about weakening global demand.
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My god things are looking up!
ReplyDeleteand they jumped up 14 cents?
ReplyDeleteWell, they're too high considering the price of the light sweet crude per barrel. & it didn't take long for the "lower" prices to rise just in time for the holiday weekend! Up 20 & 30 cents in some cases.
ReplyDelete"Credit solid job and income growth, along with the bargains at the pump."
ReplyDeleteCredit "bargains at the pump".