Good news for those loading up the Tahoe to get out of town this Labor Day weekend: Gas prices are at a record low.
The national average for gasoline prices dropped to $2.44 on Thursday, according to gas-pricing site GasBuddy.com. Friday’s national average sits at $2.42 per gallon.
This marks the lowest price at the pump for Labor Day weekend in 11 years.
The American Automobile Association (AAA) attributes these record prices to “lower crude oil costs and abundant petroleum supplies.”
A AAA monthly gas price report from Thursday tells that the $2.44 per gallon gas price is 99 cents cheaper than average prices one year ago.
“Americans should find good deals on gas prices in most parts of the country heading into the busy Labor Day weekend,” AAA spokesman Avery Ash said in a statement. “It is unbelievable that drivers are ending their summer vacations with the lowest gas prices for this time of year in more than a decade.”
AAA reports that American consumers will save more than $1 billion on gas prices this Labor Day weekend compared to the holiday weekend in 2014.
The number of travelers is expected to hit a record this holiday as well.
An estimated 35.5 million Americans are expected to travel at least 50 miles away from home this weekend—the highest travel volume for Labor Day weekend since 2008.
With cheaper gas prices, travelers may put more money elsewhere into the economy and toward activities such as eating out.
“Overall, the thing that stood out the most from our surveys was the [number] of travelers that indicated they were going to spend a bit more on their trip,” GasBuddy Senior Petroleum Analyst Patrick DeHaan told CNBC.
For the months ahead, low gas prices look promising.
“For most of the country, below $2 is in our future for November and December,” Tom Kloza, chief oil analyst at the Oil Price Information Service, tells the Associated Press.
Gas prices in South Carolina have already dropped to below $2, while other places, like California, are still paying on average more than $3 per gallon.
Unexpected factors like a hurricane or refinery problems could cause a spike in gas prices.
