The late summer slide in global crude oil prices will push the cost of U.S. gasoline to its lowest Labor Day level since 2010. Better yet: prices are likely to continue dropping to 2014 lows by mid-autumn.
Nationally, regular, unleaded gasoline will average $3.41 a gallon—18 cents cheaper than 2013's Labor Day weekend and 42 cents a gallon less than the record $3.83 average for the 2012 holiday weekend.
The energy markets have shrugged off tensions in the Middle East, the Ukraine-Russia conflict and minor supply disruptions during normal peak summer driving season.
But with demand now at seven-year lows and daily North American oil production at 8.46 million barrels—a five-decade high—geopolitical risks are having less impact on oil prices.