Labor Day 2024: What to expect for gas prices before you hit the road

Published On Aug 30, 2024, 11:34 AM

Gas prices for Labor Day 2024 are about 50 cents lower than they were last year, providing some relief to travelers. The current national average is $3.35 per gallon, down 15 cents from a week ago. Increasing domestic travel is expected, up 9% from last year. Currently, West Texas Intermediate crude oil prices are stable, but potential hurricane impacts could lead to price volatility. As refineries switch to cheaper winter blend gasoline, prices may continue to decline if no hurricanes disrupt production.

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Stock Forecasts

XOMView XOM chart on TradingView

Positive

With the current trend of falling gas prices and increasing domestic travel, it seems favorable for companies in the oil and gas sector. If there are no negative impacts from hurricanes, prices might stabilize or decrease even further, benefiting consumer spending and travel-related stocks.

CVXView CVX chart on TradingView

Negative

If hurricanes disrupt oil production or refining in the Gulf, it could lead to a spike in gas prices. This would negatively impact consumer behavior and could push current lower price trends upward.

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