LIMA — What seemed like a never-ending story is officially taking a hopeful turn. Gas prices are slowly but surely trickling down. As people are traveling and celebrating the holiday weekend, prices of gas are noticeably decreasing.
From almost $5 per gallon earlier this year to now a little over $3 per gallon, gas prices are headed in the right direction for drivers. The price of gas has dropped weekly since the beginning of summer.
The head of petroleum analysis for GasBuddy, Patrick De Haan, weighed in on this year’s prices.
“It was a dizzying time as gas prices surged ahead of summer which caused many Americans to re-think their travel plans, only for the longest decline in gas prices since the pandemic to start providing meaningful relief,” said De Haan. “As the sun sets on summer, gas prices are in far more familiar territory and could continue to decline well into fall.”
According to GasBuddy, prices this Labor Day weekend will continue to fall slightly from summer highs, though prices remain over 60¢ per gallon more expensive than last year.
A recent analysis by the U.S. Energy Information Administration reveals gas is at the highest it has been since 2014 for Labor Day weekend.
Data from the U.S. Energy Information Administration of Ohio show in 2020 gas prices were $2.019 per gallon on Labor Day weekend. In 2021 gas prices were $3.042 per gallon, over a dollar more per gallon.
Gasoline is now expected to hit its lowest rate since prices spiked following Russia’s invasion of Ukraine in March of 2022.
Although demand for gasoline has increased as people return to normal travel post-COVID, and oil supply is tighetened, oil prices did slide this past week with fears that another COVID-19 resurgence in China may slow down global demand yet again.
Fortunately no matter the rate of gas, many Americans will continue to follow through with plans to observe the holiday honoring labor in the United States.
GasBuddy completed a survey revealing 58% of Americans planned to travel throughout the summer and 33% planned to travel on Labor Day weekend.
Whether you are resting at home, having a barbeque or traveling to see loved ones lowering gas rates is encouraging to everyone.