LANSING, Mich. (WLNS) — GasBuddy released its annual Labor Day travel forecast predicting the average price of gas in the U.S. on Labor Day weekend will fall slightly to $3.75 per gallon.
In the past week, gas prices fell to an average of $3.78 per gallon in the U.S., and $3.76 per gallon in Michigan.
This is nearly identical to gas prices this time last year.
Gasoline demand may rise to 9.2 million barrels for the week ahead of Labor Day, as drivers begin pre-filling their tanks. This would make it the second strongest demand for gas of the summer, only behind the Fourth of July weekend.
Patrick De Haan, head of petroleum analysis at GasBuddy, says oil prices have decreased recently due to “concerns over China’s economy” and increased oil production in the U.S.
“If we can escape further unexpected oil production cuts and outages due to hurricanes, we may avoid an unexpected surge in gas prices,” he continued. “We could see a national average of $3.25 per gallon by the end of the year if all goes well.”
