Labor Day On Track to Set Record at the Pump
Labor Day weekend travelers are facing the highest gas prices ever for this time of year. The national average is $4.14, up 4 cents from last week. Continued volatility in the Strait of Hormuz has pushed crude oil prices in the $90 per barrel range. After a record-setting August, this Labor Day weekend is on track to also set a record at the pump. The national average has never been above $4 per gallon on Labor Day. The current Labor Day record is $3.82, set on September 3, 2012. Even though gasoline demand decreases this time of year, typically bringing down gas prices, this year is different due to the high cost of crude oil.
Today’s National Average: $4.1436
One Week Ago: $4.0997
One Month Ago: $4.0946
One Year Ago: $3.1903
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 9.04 million barrels per day to 8.92 million. Total domestic gasoline supply decreased from 206.8 million barrels to 205.7 million. Gasoline production stayed the same as last week, averaging 9.8 million barrels per day.
At the close of Wednesday’s formal trading session, WTI rose 79 cents to settle at $91.01 a barrel. The EIA reports that crude oil inventories decreased by 4.5 million barrels from the previous week. At 424.5 million barrels, U.S. crude oil inventories are 1% above the five-year average for this time of year.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($5.78), Washington ($5.47), Hawaii ($5.41), Oregon ($4.98), Alaska ($4.96), Nevada ($4.91), Idaho ($4.62), Arizona ($4.52), Utah ($4.42), and Montana ($4.38).
The nation’s top 10 least expensive gasoline markets are Indiana ($3.44), Texas ($3.69), Oklahoma ($3.71), Mississippi ($3.71), Louisiana ($3.75), Arkansas ($3.77), South Carolina ($3.78), Kansas ($3.78), Alabama ($3.79), and Wisconsin ($3.80).
