Happy Motoring

Labor Day Weekend sees lowest price at pump in 16 years

Staff Reports
Posted 9/1/20

Taking to the highways during Labor Day Weekend will hit the wallet a lot less this year. According to GasBuddy, a retail gasoline prices monitoring service, prices at the pump are the lowest for the holiday weekend since 2004.

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Happy Motoring

Labor Day Weekend sees lowest price at pump in 16 years

Posted

Taking to the highways during Labor Day Weekend will hit the wallet a lot less this year. According to GasBuddy, a retail gasoline prices monitoring service, prices at the pump are the lowest for the holiday weekend since 2004.

“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 for GasBuddy. “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.”

According to GasBuddy, gas prices around Madison County ranged from $1.75 to $2.09 a gallon. The lowest prices in Texas are at the Buc-ee’s in Brazoria, where they’re selling regular unleaded for $1.51 a gallon.

According to AAA, the national gas price average spiked by a nickel on the week to $2.23, but is expected to push cheaper in the week ahead. Pump prices jumped as a result of Hurricane Laura and an increase in demand to one of the highest measurements of the year.

“It’s typical to see increased demand and more expensive gas prices ahead of a storm, especially one that threatens rigs and refineries in the Gulf of Mexico region,” said Jeanette Casselano, an analyst with AAA. “The latest industry reports indicate that facilities in Texas have already begun the restarting process, which means there is no major threat to gasoline stocks and gas prices should push cheaper.”

“Gas prices have reached their highest post-coronavirus level as Hurricane Laura caused Gulf Coast refineries to shut, limiting production as gasoline demand edged higher,” De Haan added. “The rebound in demand comes with just a week left in the summer driving season and isn’t expected to continue once the driving season wraps up, but while some may see prices tick higher over the next few days, more decreases are coming to gas prices once Labor Day is over as demand will likely move lower.”

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