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Labor Day Travel: Gas Prices Down 20 Percent Since Summer Surge

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Labor Day Travel: Gas Prices Down 20 Percent Since Summer Surge

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Gasoline prices have fallen 20 percent since the start of this summer ahead of the upcoming Labor Day weekend, data showed.

In a press release issued Thursday, GasBuddy said, "After a seemingly never-ending rise in gas prices in the spring, gas prices are falling each week of the summer and are expected to be at their lowest level since March 3 and down 20% , than before July 4 at $3.79 per gallon.

"This Labor Day weekend, prices will continue to drop slightly from summer highs, although they will still be 60 cents per gallon higher than last year," the press release added.

The drop in average national gasoline prices comes ahead of the Labor Day holiday, when many Americans are expected to travel by car.

In a recent Cars.com survey, 64 percent of respondents said they were planning a trip for an upcoming vacation. According to the survey, 80 percent of that 64 percent said they plan to travel by car.

"Even though gas prices are still too high for some, we are seeing the pain subside just in time for the holiday weekend. Passengers are saving gas by turning to electric and hybrid vehicles, with 36% of passengers using alternative options. Fill up your cars this Labor Day,” Cars.com Editor-in-Chief Jenny Newman said in a press release accompanying the survey.

Another poll by The Vacationer found that more than 53 percent of Americans plan to travel by their primary mode of transportation this holiday weekend. The survey also found that Americans were broadly divided on whether gasoline prices affect their travel plans. According to the survey, 49.82 percent of respondents said that current gasoline prices do not affect their travel plans, while 50.18 percent disagreed. Of the 50.18 percent who disagreed, 33.33 percent said it's because they prefer to drive, and 16.85 percent said higher gas prices "affect airfare."

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In announcing the drop in gasoline prices, Patrick DeHaan, head of petroleum research at GasBuddy, said: "The biggest drop in gasoline prices since the pandemic is about to start bringing significant relief."

"When the sun goes down over the summer, gas prices are in much more familiar territory and may even drop in the fall, barring hurricanes and other such disruptions," DeHaan added.

was mentioned in a press release after Newsweek contacted GasBuddy for further comment.

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