Labor Day gas prices back to record levels: How they compare to pump prices over the past decade
Have you planned a road trip this Labor Day? Lucky for you, the cost of turning the road is low.
Nationwide gasoline prices are on average cheaper than they have been in the last three years, according to the American Automobile Association (AAA). This includes the holiday weekend, which sees a current average of around $ 2.58 give or take.
So you want to spend less on fuel this year and more on holiday fun.
Although gasoline prices have fallen in most US states, a few have remained at or above the $ 3 mark such as Hawaii, California, Washington, Nevada, Oregon and Alaska. It is also worth noting that each of these states outside of Hawaii has experienced a significant drop in prices over the past month, according to AAA.
Outside the costly states, the cost of filling up has remained low during a Donald Trump presidency, prompting him to remind people with a tweet Friday that Democrats' "green" policies would raise prices at the pump.
Here's a look at the past decade of holiday prices:
2009 Labor Day Gas Price: $ 2.58
In 2009, the national gasoline price average on Labor Day was $ 2.58, which puts it on a par with the current year average. It also ranks as the third lowest in 10 years.
Labor Day Gas Price: $ 2.68
A year later, the average rose 10 cents – making it the median gas price in this dataset.
Labor Day Gas Price: $ 3.66
In 2011, holidays were hit by a huge price increase of 98 cents. According to a petrol report from the Federal Trade Commission Bureau of Economics during that time, the rise in prices was due to changing supply and demand in crude oil, loss of refinery capacity and product pipelines. Despite the strong jump, this number is only the second highest in this dataset.
2012 Labor Day Gas Price: $ 3.83
In 2012, gas prices were at an all-time high, and Labor Day was no exception. The national average for the year was $ 3.62, but the holiday weekend saw an increase of more than 20 cents.
According to AAA spokeswoman Tamra Johnson, gas prices were affected by: “… increased crude oil costs; regional supply problems in the Midwest and the West Coast caused by disruptions to the refinery and pipeline; and Gulf Coast refinery closed in advance of Hurricane Isaac. "
Labor Day Gas Price: $ 3.59
Gas prices for 2013's Labor Day had a slight decline of 24 cents, resulting in an average of $ 3.59. In the words of AAA spokesman Michael Green, "Motorists paid this year the third most expensive gasoline prices on record during the busy summer driving season." He also added that gasoline supply was about eight percent higher than 2012 due to smooth refinery operations and a weak hurricane season.
FILE – This June 26, 2019 file photo shows a gas pump at a Pittsboro, NC gas station on Tuesday, August 13, the US Department of Labor reports on July Consumer Prices. (AP Photo / Gerry Broome, File) (AP)
2014 Labor Day Gas Price: $ 3.44
In 2014, there was a 15 percent decrease in Labor Day gas price for a total of $ 3.44. According to a report by Green, USA and European sanctions on "Russia's long-term ability to develop new resources" was a contributing factor to the award. In addition, while West Texas Intermediate's oil prices set at $ 98.29 per barrel, which was 41 cents higher than its near six-month low.
Out of the 10-year spread, 2014 was the fourth highest in Labor Day gas pricing.
Labor Day Gas Price: $ 2.40
Falling $ 1.04, 2015 Labor Day gasoline prices and vacationers experienced a relief. At $ 2.40, this average is the second lowest in this 10-year range. What happened to create such a significant decline? The simple answer, an abundance of crude oil.
However, a AAA report at the time said more thoroughly: "There was more than enough oil to meet global demand, which caused oil prices to fall to their lowest levels since 2009."
2016 Labor Today's gasoline price: $ 2.20
Road coaches were hailed at an average gasoline price of $ 2.20 – an all-time low in this 10-year dataset as well as a record under the Barack Obama presidency. According to a report from Johnson, "Plenty of gasoline supplies have contributed to significantly lower gas prices across the country during this summer's driving season."
Labor Day 2017 Gas Price: $ 2.64
Get a 44-cent increase from the previous year, 2017's Labor Day had the fifth lowest average in 10 years. A AAA report said the price increase was a result of Hurricane Harvey-induced refinery and pipeline shutdowns over Corpus Christi and Houston.
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2018 Labor Day Gas Price: $ 2.84
Coming in fifth place, Labor Day gas prices were $ 2.84 for 2018. Total crude oil holdings were lower in years than those before. According to a report from AAA, "Lower crude oil, amid high global crude oil demand, has helped raise global commodity prices this year."
2019 Labor Day Gas Price: $ 2.58
Title of title third lowest , 2019 is tied with 2009 for an average Labor Day gas price of $ 2.58 per gallon, which is 25 cents cheaper than 2018, when it was $ 2.83, and 6 cents cheaper than the same period in 2017. According to AAAs In the latest report, crude prices have mostly dropped after President Trump announced tariffs on imports from China.
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