Labor Day Gas Prices: Reasonable … For Now

Prices are lower than in July, but that trend might reverse soon

   

August2013 gas prices Labor Day Gas Prices: Reasonable ... For Now

Heading into a typically travel-heavy Labor Day weekend, gas prices are at the very least not spiraling out of control.

As of yesterday, the average price for a gallon of regular gasoline was $3.55 — a slight increase from the week prior, sure, but it still represents a 9-cent month-over-month decline and a 19-cent YOY drop. According to the Lundberg survey, the recent downward trend has been thanks to higher supplies in the wake of still-high production capacity.

Unfortunately, that trend might not last for long — even though prices generally slide even more as we head into fall since folks generally drive less. That’s because fear of a military strike in Syria has sent crude oil prices and gas futures soaring during the past few days, as many worry that a supply disruption is right around the corner.

And those rising prices could soon trickle down to a pump near you.

Of course, folks in Hawaii and Alaska are already used to paying more at the pump. Consumers in both hard-to-reach states are already shelling out more than $4 a gallon — but that’s basically par for the course. A similar story can be told for southern states like South Carolina and Alabama, which generally enjoy cheaper prices.

Below is a state-by-state roster of average gas prices from AAA’s Daily Fuel Gauge Report, listed from most to least expensive:

State Price State Price State Price
Hawaii $4.327 South Dakota $3.641 Kansas $3.504
Alaska $4.034 North Dakota $3.635 Ohio $3.498
Connecticut $4.058 New Hampshire $3.621 North Carolina $3.478
New York $3.976 Michigan $3.601 Georgia $3.471
California $3.951 Nebraska $3.591 New Jersey $3.460
Idaho $3.950 Pennsylvania $3.584 Oklahoma $3.459
D.C. $3.769 Nevada $3.567 New Mexico $3.456
Washington $3.760 Kentucky $3.557 Texas $3.416
Rhode Island $3.723 Minnesota $3.557 Louisiana $3.412
Vermont $3.718 Wisconsin $3.556 Missouri $3.398
Montana $3.713 Indiana $3.552 Arizona $3.396
Oregon $3.713 West Virginia $3.549 Arkansas $3.375
Maine $3.693 Maryland $3.548 Virginia $3.364
Utah $3.689 Iowa $3.539 Tennessee $3.352
Massachusetts $3.668 Colorado $3.534 Alabama $3.336
Illionois $3.662 Delaware $3.528 Mississippi $3.333
Wyoming $3.653 Florida $3.528 South Carolina $3.251

Article printed from InvestorPlace Media, http://investorplace.com/2013/08/labor-day-gas-prices-look-reasonable-for-now/.

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