Gas prices hit lowest pre-Labor Day level in four years

Posted Aug. 30, 2014, at 6:26 a.m.

Anyone hitting the road for Labor Day weekend can take some solace at the pump.

According to the U.S. Energy Information Administration, gas prices in the run-up to the holiday weekend are at their lowest level in four years. The national average on Monday was $3.45 a gallon for regular.

“Prices are lowest on the Gulf Coast ($3.24/gal) and highest on the West Coast ($3.83/gal) as of Aug. 25,” the agency said in a report Friday.

EIA breaks down prices for every county in the nation.

Oil prices are down about $13 a barrel from their year-to-date high in June – Brendt crude is currently trading at close to $102 a barrel.

The reason, according to the energy agency, is predicted disruptions in Iraqi oil production over the conflict with the Islamic State haven’t materialized as expected. Libya is increasing exports and there are indications that global demand is weakening.

And gas prices are expected to continue to decline.

“EIA forecasts that the U.S. average retail price of gasoline will decline modestly through the end of the year, reaching a monthly average low of $3.30/gal in December,” the report reads.

 

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