Drivers should pay the lowest gas prices for Labor Day weekend since 2004. The national average price for regular unleaded gasoline has fallen for 18 consecutive days for a total of 25 cents (through Friday) per gallon. Friday’s average price of $2.42 per gallon marks a savings of nine cents per gallon compared to one week ago, and 22 cents per gallon versus one month ago.  Drivers nationwide continue to benefit from relatively low crude oil prices, with pump prices nearly $1 per gallon less than a year ago.  Average U.S. gas prices are dropping at the fastest rates since December.

Significant savings continue to be seen in yearly price comparisons due to the relatively low cost of crude oil.  Market fundamentals remain bearish, even as oil prices staged a rally late last week that pushed prices a bit higher.  At the close of Thursday’s formal trading on the NYMEX, WTI crude oil settled at $46.75 per barrel, up nearly three percent on the week.

The Energy Information Administration (EIA) noted in its weekly report a surge in crude oil stocks, up 4.7 million barrels to 455.4 million barrels.  Gasoline stocks were relatively flat last week at 214.2 million barrels.  Next week should see the most current gasoline demand figure, 9.438-million-barrels-per-day (bpd), matched or exceeded, but the post-Labor Day drop will be the critical determining factor across the country.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

AAA has a variety of resources to help motorists save on fuel: