Projected Labor Day travel across the U.S. is up 9% compared to a year ago. The good news for those traveling by car is that gas prices have been on the decline.
Gas prices this Labor Day are roughly 50 cents lower than they were a year ago, providing some relief to drivers who will hit the road for the long weekend. This year, AAA projected that domestic travel is up 9% compared to last year. As of Friday, the national average for a regular gallon of gasoline was $3.35, which is down 15 cents from a week ago, according to AAA's latest estimates. It's a far cry from when prices hit a record of over $5 per gallon in June 2022.
He added that the oil market is just as risk-averse as the stock market, "and a little bad news can send it in a spiral." If the Gulf region can make it through the middle of October without a major storm forming, then the chances of a storm coming before the end of the season, while not zero, are a lot less, according to Gross.
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