Consumer Prices

It's not hard to understand, when gas prices go up, Americans sometimes drive less on national holidays. This year, though gas prices are lower than they have been right before Labor Day since 2010, and that means the American Automobile Association (AAA) is predicting that the number of people taking a road trip of more than 50 miles is expected to rise compared to last year. AAA says that 35 million people will make a 50+ mile trip this year, the highest number since 2008 and up 1.3 percent from 2013. There's a video report on this increase available below.

The average price of gas in the US this past Monday was $3.45 a gallon. Not only is that the lowest price it's been on the Monday before Labor Day in four years, it's also 25 cents lower than it was in the end of June and a dime lower than it was a year ago. The US Energy Information Administration (EIA) says that the main reason for the drop is lower crude oil prices from the North Sea. As always, global worries about places like the middle east affect the crude oil price, and the EIA says that the market has a "perception of reduced risk for Iraqi oil exports as well as reports of increasing Libyan oil exports" that is helping to keep prices low.