Gas Prices Still Rising Ahead of Labor Day

By Trey Thoelcke Published Aug 24, 7:11AM EDT

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Two months ago, almost all predictions about gasoline prices were that they were falling and would stay down, or even drop more. Crude prices had fallen. Oil and gas supplies were abundant. Trouble with Iran did not look like it would block shipments of oil from the Middle East. Supply interruptions in the North Sea were short-lived. It only took a month for sentiment to change almost entirely.

Hopes that large governments will stimulate their economies and renewed worries about Iran have pushed WTI crude prices back near $100. Gas prices have risen most days in the past six weeks. As the Labor Day weekend is just a few days away, the price on average of a regular gallon of gas nationwide has risen to $3.730, according to measurements taken yesterday for the AAA Fuel Gauge. That is up from $3.716 a week ago and $3.485 a month ago. In some parts of the nation, gas prices have risen 10% in the past 30 days.

Drivers will pay a good deal more than they might have expected a month ago as they go on Labor Day trips. And, if money is as tight as most economist believe, these drivers will not be in a mood to spend when they return.

Douglas A. McIntyre

About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.