Labor Day gas prices are headed for three-year lows

Labor Day travelers can expect lower gas prices this year. GasBuddy predicts that the national average price of gas on Labor Day will be $3.27 per gallon, which is a 13% decrease from last year. Americans are projected to spend about $750 million less on gas during the holiday weekend compared to last year. The drop in gas prices can be attributed to factors such as weaker oil prices, reduced demand for gasoline, and fewer refinery outages. US oil production has reached record highs, offsetting the lost oil from OPEC and its allies. The future gas price will depend on OPEC’s decision to release more supply onto the market.