While pump prices hold steady, they are still expected to be the highest for a Labor Day holiday since 2014.
On Aug. 27, the national average price of gas held steady at $2.84—the same as the previous week—and only two-cents less expensive than the previous month, but 48-cents higher than this time last year, AAA reported. Pump prices continue to dip across the country, with many state average gas prices declining up to four cents.
“With Labor Day approaching, motorists could see a small swing towards higher gas prices, but any jump should not last past the holiday weekend,” said Jeanette Casselano, AAA spokesperson.
Last year, Labor Day weekend brought a gas price hike, but Hurricane Harvey was causing much of that spike as it forced refinery and pipeline shutdowns and pushed gas prices to $2.67—their highest point in 2017.
This Labor Day isn’t expected to see similar hurricane activity—and, the impact of Hurricane Lane on Hawaii’s gasoline refining and delivery systems has been minimal—but gas prices are still expected to be at their highest for a Labor Day holiday since 2014, AAA noted.
Hawaii ($3.76) and California ($3.60) have the most expensive gas prices in the nation, while Ohio (+10 cents) and Michigan (+5 cents) saw the biggest price changes compared to last week.
“At the close of Friday’s formal trading session on the NYMEX, WTI increased 89 cents to settle at $68.72. A weak dollar contributed to last week’s price gain. Moreover, following the release of EIA’s weekly report that showed total domestic crude inventories fell by 5.8 million bbl during the previous week, crude prices increased,” AAA reported. “If this week brings a continued decline in crude stocks, crude prices could surpass $70 per barrel.”