by Calculated Risk on 9/04/2016 07:48:00 PM

Some good news for those sitting in a traffic jam on Labor Day, from the EIA: Gasoline prices prior to Labor Day lowest in 12 years

The U.S. average retail price for regular gasoline was $2.24/gallon (gal) on August 29, the lowest price on the Monday before Labor Day since 2004, and 27¢/gal lower than the same time last year. Lower crude oil prices are the main factor behind falling U.S. gasoline prices. Lower crude oil prices reflect continued high global crude oil and petroleum product inventories and increased drilling activity in the United States.
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As fall approaches and U.S. driving decreases, lower gasoline demand, shifts to less costly winter fuel specifications, and reduced crude oil purchases by refineries undergoing seasonal maintenance have the potential to put downward pressure on crude oil and gasoline prices. In the August Short-Term Energy Outlook, EIA forecasts U.S. regular gasoline prices will decline to an average of $1.95/gal during the fourth quarter of 2016 and will average $2.06/gal for 2016.

Weekend:
• Schedule for Week of Sept 4, 2016

• Update: Prime Working-Age Population Growing Again

Oil prices were down over the last week with WTI futures at $44.13 per barrel and Brent at $46.63 per barrel.  A year ago, WTI was at $46, and Brent was at $49 - so prices are down slightly year-over-year.

Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $2.20 per gallon (down over $0.20 per gallon from a year ago).