U.S. motorists are expected to see the lowest Labor Day weekend gas prices in five years, with the national average projected at $3.15 per gallon, according to a forecast released Tuesday by GasBuddy.
The price estimate is 14 cents lower than 2024 and marks the most affordable Labor Day at the pump since 2020, when the average was $2.22 per gallon.
Gas prices in nearly half of U.S. states have risen in the past month due to refinery outages, but GasBuddy expects additional relief as the transition to cheaper winter gasoline begins in mid-September and demand eases after summer.
“Labor Day marks the unofficial end of summer, and when it comes to gas prices, it’s been the cheapest summer to hit the road since the pandemic, a trend that will likely continue with the potential for the national average to fall below $3 per gallon this fall,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
Average Labor Day gas prices in recent years:
- 2020: $2.22/gal
- 2021: $3.16/gal
- 2022: $3.79/gal
- 2023: $3.77/gal
- 2024: $3.29/gal
- 2025: $3.15/gal (projected)
GasBuddy noted risks to the outlook include hurricane season, global trade uncertainty and the war in Ukraine.