Labor Day gas prices expected to be 20 cents higher than 2017
August 28, 2018
GasBuddy said Tuesday consumers have seen the most expensive summer at the pump since 2014 with an average of $2.73 per gallon.
Motorists are expected to see a 20-cent per gallon increase over Labor Day 2017. Gas prices nationwide are expected to be $2.84 per gallon.
The nationwide average is at least 15 cents a gallon lower than the lowest price in Carson City on Tuesday morning ($2.99).
"It's been consistently a more painful summer at the pump than what we've been accustomed to when compared to the last few summers," said Patrick DeHaan, head of petroleum analysis at GasBuddy said in a press release. "Without major hurricanes, we should continue to see prices gently decline in the weeks ahead as demand begins to slow into the autumn, wrapping up the priciest summer at the pump since 2014, but overall, with a moderately less sting than what we saw earlier on this decade. Next year may follow in this year's footsteps with higher Labor Day gas prices, so what we're upset about this year could bring nostalgic memories next year. Enjoy it while it lasts."
Taking into account the average wages across the nation from the Bureau of Labor Statistics, the average American needs to perform an hour and 48 minutes of labor to earn enough money to fill a tank of gasoline, Gas Buddy said.
When gas prices were $3.58 per gallon during the summer of 2014, motorists had to work 2 hours and 30 minutes to fill their tank, and in 2008 when gas prices were $3.84 per gallon, motorists had to work 3 hours to fill their tanks.
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On average, motorists have also shelled out more than $1.11 billion per day on gasoline purchases this season, up from a decade low of $912 million per day during the summer of 2016. This summer's total fuel bill, while the highest since 2015, will still be the third lowest since 2011.
To learn more, visit pay.gasbuddy.com.