The decline of crude oil futures has sent Labor Day gasoline prices to their lowest point since 2010. According to USA Today, prices are forecast to continue dropping to the year's lows by the middle of fall. National gas prices have averaged $3.41 per gallon, 18 cents less than prices reached during 2013's Labor Day weekend and 42 cents lower than the holiday weekend in 2012 when record prices peaked at an average of $3.83, reports the AAA's Daily Fuel Gauge Report.
Drivers aren't the only ones benefiting from these new lows, but the economy is as well.
"This means consumers have more disposable income and that money will flow into other sectors of the economy," said Patrick Dehann, senior petroleum analyst at GasBuddy.com. "When gas prices go down, the food and entertainment industries get a boost, things like restaurants, movie theaters and families' entertainment tends to get an increase," he said according to Fox Business.
Gasoline production in the U.S. Golf Coast currently accounts for over 51 percent of U.S. refinery capacity. Therefore, drivers who receive their gas from this part of the region are expected to see the lowest prices over the coming months, reports Fox Business.
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