iStock/Thinkstock(NEW YORK) — Americans hitting the road this weekend for Labor Day may get some relief at the pump.
Gas prices this holiday weekend are expected to be at their lowest level in four years. Currently, the national average price for a gallon of gas is $3.43 — 16 cents cheaper than Labor Day 2013.
“Oil is dropping, because we saw prices earlier in the summer above $100 a barrel. There were fears that the instability in Iraq would hit oil supply. They didn’t in any major way. Plus, here in the United States, we’re producing the most oil since 1972. That is driving oil prices down, and as a result, prices at the pump are dropping, too,” ABC News Chief Business and Economics Correspondent Rebecca Jarvis explains.
According to AAA, 29.7 million Americans are projected to go on a road trip between Aug. 28 and Sept. 1.
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