Will gas prices go up in Labor day week-end?

The weekend of Labor Day is usually one of the most bustling times for travel in the United States. Lots of individuals seize the opportunity of the extended weekend to embark on trips, pay visits to loved ones, or just relish a quick escape.

Necessarily, this surge in fuel need exerts stress on costs. This is not aided by the vacation occurring towards the conclusion of the summer season, right before the commencement of school and university; it represents the final opportunity for numerous individuals to embrace the remaining warmth of summer.

The prices of fuel in the past have been influenced primarily by this level of demand, but experts predict that there will be no notable alteration in fuel prices this time.

According to AAA spokesperson Andrew Gross, since trips to gas stations have remained steady and the cost of oil is around $80 per barrel, it is anticipated that the average price for a gallon of gasoline will remain unchanged during the upcoming holiday weekend.

He stated, "The occurrence of Hurricane Idalia might lead to local price increases due to damage to gas stations, flooded streets, and electricity blackouts, but historically, these issues are typically resolved within a few weeks."

So do not worry, the cost of fuel will not experience any sudden rise. Nevertheless, prices have gradually been on the upswing this year, primarily due to political maneuvers made by other nations.

Rising Gas Costs This Summer

The cost of raw petroleum has increased from around $70 per barrel in July to its current mark of $80 per barrel. Prominent oil-producing countries like Saudi Arabia and Russia, who are part of the oil price-manipulating alliance OPEC, initiated a reduction in production starting in August.

Despite being relatively close to the average price of $3.81 at this time last year, the current national average has increased by 22 cents compared to last month. Prices continue to be substantially higher than they were in both 2019 and 2020.