Labor Day gas prices on track to reach their lowest level in 3 years

American motorists may be paying significantly less at the pump this Labor Day, with gas prices expected to be the cheapest for the holiday in three years.

Continuing a recent downward trend, the average price of gas nationwide will fall to $3.27 per gallon on Labor Day, GasBuddy predicted in its annual travel forecast for the holiday. The projection has the price running 50 cents below the $3.77 average recorded a year ago, meaning motorists would be paying 13% less. 

GasBuddy estimates Americans will spend roughly $750 million less at the pump this Labor Day than they did during the three-day weekend in 2023.