Big savings at the gas pump expected for Labor Day weekend
Motorists in the U.S. planning to take a road trip this Labor Day weekend will save a total of $1.4 billion at the pump.GasBuddy.com says consumers are benefiting from the lowest national gas prices in more than a decade. Senior Petroleum Analyst Patrick DeHaan says local residents have seen larger declines in pump prices than the national average.
"Buffalo's prices stand $1.10 lower than last year while the national average is only about a dollar lower. For motorists about to hit the road, there’s going to be considerable savings,” said DeHaan.
Still, gas prices in the Western New York region remain higher than pump prices in many other parts of the country.
DeHaan says the falling price of crude oil is a big reason for the drop in gas prices. He also credits the anticipated increase in supply as eased sanctions on Iran will allow more oil into the global market.
Another factor in the price drop is simply a lower demand for gas as summer comes to an end.
“It looks to be a good time to hit the road for the conclusion of summer with prices in Buffalo as low as the $2.30 mark, prices across the state all the way down to $2.13 in East Syracuse. So there are some cheap prices out there for those that are willing to find them,” said DeHann.
DeHaan says motorists in the south are averaging even lower prices, with South Carolina being the first state to see gas averages under $2 per gallon.