Labor Day gas prices lowest since 2020

(The Hill) -- Labor Day weekend gas prices are expected to be the lowest since 2020, when the pandemic struck the nation, according to GasBuddy’s Tuesday analysis.  

The projected cost of fuel will be $3.15 per gallon, according to the company, which tracks national gas prices. Officials said this will be the “cheapest summer” for gas prices since the pandemic.

“We’ve seen a remarkably affordable summer to hit the road with incomes up and gas prices down, but there are some challenges that remain: hurricane season and uncertainty over trade, tariffs and Russia’s war on Ukraine,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement. 

“However, I remain optimistic that as cooler weather invades, gas prices, too, will seasonally cool off,” he added.

Last year, gas prices were tagged at $3.29 per gallon and $3.77 per gallon the year prior. 

Despite price drops, gas prices in nearly half of all states have risen in the last month due to localized refinery outages.