Gas Buddy surveys Labor Day gas prices and the labor to buy it
BOSTON, Mass. (KIFI/KIDK)-Industry watchers say Labor Day gasoline prices stand to be the lowest since 2004.
GasBuddy analysts predict a national average of $2.19 per gallon, down nearly 37 cents from last year and the lowest priced Labor Day prices since the $1.82 per gallon price of 2004.
And, petroleum analyst Patrick DeHaan said prices this year have been the most stable between Memorial Day and Labor Day since 2004 as well.
“For motorists, the good news doesn’t end with Labor Day: gas prices will likely continue falling as seasonal factors kick in, reducing demand, and in addition, we switch back to cheaper winter gasoline in just a couple of weeks,” added DeHaan.
On the down side, DeHaan says the reduced demand for fuel is contributing to the amount of “labor” needed to fill your tank, contributing to unemployment rates.
“Fewer hours of work required to fill a gas tank does not offer much relief for millions of Americans without jobs across the country,” said DeHaan. According to GasBuddy, “Drivers in Idaho have to work the highest number of hours to afford their annual gasoline expenses (91.6 hours), followed by Nevada (90.0) and Montana (85.7). In 2019, Nevada was in first place for the highest number of hours needed to pay an annual gasoline bill.”
The study looked at state-by-state median wage data from the Department of Labor compared to Gas Buddy’s payments card, which calculates average yearly demand, and using the average price of gas on record.
