It seems with every summer holiday more people are traveling and spending more compared to recent years. This Labor Day is no different.
According to GasBuddy, this is the most expensive summer at the gas pump since 2014. Thankfully the average isn’t as high as it was then but at $2.84 a gallon, that's a 20 cent increase from Labor Day weekend last year.
"So something we haven’t seen in a while, but still there are some gas prices, at least across Ohio today, that are still in the $2.40’s," said Patrick DeHaan, head of petroleum analysis at GasBuddy. "If you shop around you can still find a pretty good price this Labor Day weekend."
Just like it has been all summer, DeHaan attributes this rise due to production cuts at the Organization of the Petroleum Exporting Countries.
Even with the higher gas prices, more Ohioans are expected to travel this year. The holiday period began Thursday and runs through Labor Day on Monday and according to AAA, there will be an 8.2 percent increase from last year in people traveling.
"Well we’re just seeing unemployment (has) been down, people seem to be making more," Cindy Nelson said, manager at the AAA Lima store. "So we’re just seeing them spending a lot more of travel and things they really enjoy. "
With higher travel and spending, you’ll need a game plan for this holiday weekend.
"Ohio’s supposed to be up about 6.2 percent (in spending) over last Labor Day," said Nelson. "So there’s definitely going to be a lot more people on the road. Allow that extra time for accidents or anything that could possibly delay you. Be patient while you’re traveling."
Don’t fret though as summer comes to the final stretch. DeHaan expects prices to drop after Labor Day.Â
"We will likely see a little bit of relief," said DeHaan. "We could see prices 10 to 25 cents lower by Thanksgiving and that’s thanks to normal seasonal trends."
Cheaper winter gasoline prices should kick in mid-December.
