Labor Day Fuel Prices Lowest in Decade
Drivers filling up their tanks for the holiday weekend paid substantially as fuel prices were at their lowest Labor Day level since 2010, while the number of people expected to be on the road will be the highest since 2008.
Across the nation, the average price of diesel dropped almost $0.014 cents to $3.821, down almost ten cents from a year ago and down from $3.843 earlier this month. Meanwhile, the price of gasoline has fallen to $3.45, also down almost ten cents from last Labor Day.
With the exception of the Rocky Mountain region for diesel and the Midwest region for gasoline, the price of fuel has dropped in every area of the country according to the U.S. Energy Information Administration.
The drop in fuel prices is largely due to the fact that South Texas Eagle Ford shale is now adding in excess of one million barrels of oil to the world’s oil supplies each day, while refinery production in the United States is at all-time highs.
Despite the ongoing instability in the Mideast, the new U.S. oil supply is able to provide a cushion that has kept prices low and translates to less expensive fuel at the local filling station.
(Photo: Accura Media Group)