Gas Prices Down 20 Percent Since Summer Surge

Ahead of the upcoming Labor Day weekend, gas prices have dropped by 20 percent from earlier this summer, data shows.

In a press release on Thursday, GasBuddy said, “After a seemingly never-ending spring of price hikes at the pump, gas prices have declined every week of the summer and are expected to be the lowest since March 3 and 20% lower than on July 4, at $3.79 per gallon.”

“Prices this Labor Day weekend will continue to fall slightly from summer highs, though remain over 60¢ per gallon more expensive than last year,” the press release added.

The decline in the national average gas price comes ahead of the upcoming Labor Day weekend, when many Americans are expected to travel by car.

In a recent survey conducted by Cars.com, 64 percent of respondents said that they plan to travel during the upcoming holiday. According to the survey, among that 64 percent, 80 percent of respondents said they plan to travel by driving.

“While gas prices are still too high for some, we are seeing pain at the pump ease just in time for the holiday weekend. Travelers are also saving on gas by turning to electric and hybrid vehicles, with 36% of road-trippers using alternative fuel cars this Labor Day,” Cars.com Editor-in-Chief Jenni Newman said in a press release with the survey.

Another survey conducted by The Vacationer found that over 53 percent of Americans plan to travel this holiday weekend, with driving being the primary mode of transportation. The survey also found that Americans are nearly split on gas prices affecting their travel plans. According to the survey, 49.82 percent of respondents said that current gas prices are not affecting their travel plans, but 50.18 disagreed. Among the 50.18 percent who disagreed, 33.33 percent said it was because they want to drive and 16.85 percent said because high gas prices are “affecting airfare prices.”

In the press release announcing the decline in gas prices, GasBuddy head of petroleum analysis Patrick De Haan said, “It was a dizzying time as gas prices surged ahead of summer, which caused many Americans to re-think their summer travel plans, only for the longest decline in gas prices since the pandemic to start providing meaningful relief.”

“As the sun sets on summer, gas prices are in far more familiar territory and could continue to decline well into fall, barring major disruptions from hurricanes and the likes,” De Haan added.

Newsweek was directed to the press release after reaching out to GasBuddy for further comment.