AAA: Record Labor Day Travel Cost Set to Top $4 at Pump


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Labor Day weekend travelers face the highest gas 
prices ever recorded for the holiday as the national average hit $4.14 per 
gallon, according to AAA projections published Thursday (9/3).

   The price represents a 4-cent increase over the previous week and sits well 
above the former Labor Day record of $3.82 per gallon set in September 2012, 
according to the AAA, a federation of U.S. auto clubs that also monitors travel 
and fuel prices. The group noted that the national average had never breached 
the $4 mark during any prior Labor Day travel.

   This year's price surge comes as crude oil hovers near $90 bbl due to 
persistent volatility in the Strait of Hormuz, according to AAA's release on 
Sept. 3.

   "Even though gasoline demand decreases this time of year, typically bringing 
down gas prices, this year is different due to the high cost of crude oil," AAA 
noted.

   Recent Energy Information Administration data shows domestic gasoline demand 
eased last week to 8.92 million bpd from 9.04 million bpd, while total supplies 
declined to 205.7 million bbl. Production remained steady at 9.8 million bpd, 
while crude inventories fell by 4.5 million bbl to stand at 424.5 million bbl.




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