Great news if you're hitting the road this Labor Day:
Gasoline prices for this time of year have been the lowest they've been in 11 years!
The average retail price for regular gas was $2.51/gallon on August 31, which hasn't been seen since 2004. That would be 95¢/gallon lower than last year on the same day, according to the US Energy Information Administration.
"Declines in crude oil prices are the main driver behind falling U.S. gasoline prices," writes EIA's T. Mason Hamilton. "Lower crude oil prices reflect concerns about economic growth in emerging markets, expectations of higher oil exports from Iran, and continuing actual and expected growth in global crude oil inventories."
And they could drop lower come in the upcoming months. The EIA forecasts that US regular gas prices could fall to an average of $2.11/g in the fourth quarter, and that the annual average retail gas price for 2015 could go to $2.41/g.
Happy driving!
EIA