Gas prices expected to trend down for Labor Day

DALLAS, TX. (WMBD) — GasBuddy is predicting that the average gas price across the U.S. will continue its downward trend for Labor Day.

According to GasBuddy’s annual Labor Day travel forecast, the average price of gas is expected to fall to $3.27 a gallon for Labor Day. This is the lowest national average on Labor Day since 2021.

This price will be about 50 cents a gallon cheaper than last year’s national average. This will save those driving this weekend about $750 million this year compared to 2023.

“It’s been a great summer for motorists to hit the road with gas prices generally lower than last year,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “But heading into Labor Day, the year-on-year gap has grown substantially thanks to few refinery outages or heatwaves impacting refineries this month. Hurricane season has also been quiet so far. With no threats to major gasoline and diesel producing refineries, it’s looking more and more likely that we may avoid a late summer price spike.”

According to a GasBuddy update on Monday, the average price of gas in Peoria is currently $3.66 a gallon, with the cheapest gas in the area priced at about $3.39 a gallon.

More information is available on GasBuddy’s website .

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