Market Overview

GasBuddy: Motorists To Save $1.4 Billion This Labor Day Weekend

GasBuddy: Motorists To Save $1.4 Billion This Labor Day Weekend

GasBuddy analysts Patrick DeHaan, Gregg Laskoski, Jeff Pelton and Will Speer looked into gas prices in the US and concluded that motorists will save $1.4 billion over the four-day Labor Day weekend, as prices at the pump stand at their lowest in more than a decade.

DeHaan noted that the $0.18 per gallon tumble in gasoline prices seen over August was the greatest since 2008. As a result, the national average is $0.99 lower than a year ago ($2.44 versus $3.43).

“I’m sure motorists will have plenty of company on the nation’s thoroughfares this weekend,” the petroleum analyst added.

Related Link: United States Just Had Its Biggest Weekly Drop In Gas Prices Of 2015

A Look At Nationwide Prices

GasBuddy can identify as many as 19 U.S. states where "at least one retail outlet is already selling gas below $2, while South Carolina is the lone state to see an average under that level: $1.995/gal. Nationally, gas prices stand some 21 cents below where they were just a month ago."

For the weekend, the analysts estimate that roughly 70 percent of the gas stations in the US will sell gas at under $2.50 per gallon. Last year, the percentage was zero.

Gas stations in the South are the cheapest: 68.4 percent of stations in South Carolina are selling gas at $1.99 or less. Other states that offer plenty of gasoline under $2 per gallon include: Alabama (44.4 percent), Mississippi (40.1 percent), Tennessee (21.4 percent), Louisiana (19.5 percent), Virginia (17.8 percent) and Arkansas (10.4 percent).

Nationally, roughly 8,060 stations are currently offering gas under $2.00 per gallon.

Source: GasBuddy

Posted-In: GasBuddy Gregg LaskoskiAnalyst Color Commodities Travel Economics Markets General Best of Benzinga


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