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Card News for September 2, 2020

 

September 2, 2020



Gasoline prices this Labor Day are set to be the lowest since 2004 according to GasBuddy, the travel and navigation app used by more North American drivers to save money on gas. The company predicts a national average of $2.19 per gallon, down nearly 37 cents from last year and the lowest priced Labor Day since 2004’s $1.82 per gallon average.

“With Hurricane Laura now behind us and many refineries returning to service, gas prices will begin to head lower just in time for the Labor Day weekend,” said Patrick De Haan, head of petroleum analysis. “This will be the lowest Labor Day weekend gas prices since 2004, closing out an incredible summer at the pump with the most stable and lowest overall price from Memorial Day to Labor Day since 2004 as well. For motorists, the good news doesn’t end with Labor Day: gas prices will likely continue falling as seasonal factors kick in, reducing demand, and in addition, we switch back to cheaper winter gasoline in just a couple of weeks.”

Given the drop in gas prices, GasBuddy’s study on how many hours motorists need to work to pay their annual gasoline expenses found that U.S. motorists can work 19% fewer hours on average to pay their annual gasoline bill (72.3) compared to 2019 (88.9).

“Despite the drop in amount of labor needed to fuel the car, it is sadly juxtaposed with historic unemployment rates,” said De Haan. “Fewer hours of work required to fill a gas tank does not offer much relief for millions of Americans without jobs across the country.”

Drivers in Idaho have to work the highest number of hours to afford their annual gasoline expenses (91.6 hours), followed by Nevada (90.0) and Montana (85.7). In 2019, Nevada was in first place for the highest number of hours needed to pay an annual gasoline bill.

Methodology

The study looked at the latest state-by-state median wage data available from the Department of Labor (May 2019), as well as data from GasBuddy’s payments card, Pay with GasBuddy, to calculate average yearly demand by state, using the average price on record, by state, on August 14, 2020. *$2.19/gal predicted.

 

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