The massive Labor Day holiday is coming and those willing to spend these days on the road have reasons to do so – the price of gasoline continues its descending trend.
With the trend being utterly positive for motorists, the vast majority of drivers across the US will have the lowest price level for the Labor Day weekend since 2004. According to motoring club AAA, the national average price for regular unleaded gasoline has recessed for the past 14 days by a total of 20 cents. Market fundamentals remain troubled, but the Chinese economy and the prospect of Iran returning to the oil market, together with Saudi Arabia not wanting to lower production look trends that favor the downfall of global oil prices. AAA said in its weekly report that gasoline prices have averaged $2.47 per gallon on a nationwide level – which is 12 cents lower than last week and 18 cents from a month ago. The average means drivers around the country pay on average 96 cents less for gasoline than during the same period last year.
While certain refinery issues still plague parts of the US, the gasoline quota has been dropping at the fastest level since last December. The Pacific Northwest still ahs the unwanted title of most expensive region for retail gasoline – Alaska has an average $3.40 per gallon and is the most expensive market for retail gasoline in the US, followed by California at $3.35 per gallon, Nevada at $3.13 per gallon, Hawaii at $3.10 per gallon and Washington at $2.95 per gallon. The cheapest gasoline can be found in South Carolina at $2.02 per gallon.