Labor Day is now less than a month away and the summer driving season is starting to wind down. According to AAA, the current national average price of a gallon of gas is $2.36 per gallon. While that is up considerably from this point last year, there have only been two years (one of them being last year) where gas prices were lower at this time of year than they are now. The only other year was 2005.
Gasoline prices have shown a year-to-date increase of just 1.0 percent. There hasn’t been a single year since 2005 where prices saw a smaller year-to-date gain through August 8th.
Prices are typically up over 20 percent year-to-date by this point. The main reason for this year’s shortfall is that prices never saw the typical seasonal increase in the spring. We'll have to see if they also avoid the typical sharp price decline after Labor Day.
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