August 28th, 2014
Labor Day weekend is here and millions of Americans are set to take to the roads for a final end-of-summer trip with the family. We at CoverHound have already let you know that the roads are expected to be busier than the past few years, as more people are planning to take a trip, but there's some good news if you have similar plans.
According to USA Today, gas prices are expected to be much lower this Labor Day weekend compared to last year. National gas prices will average $3.41 over the weekend, down 18 cents from the same weekend last year. The lower prices are helping boost the number of Americans who plan to take a road trip. In 2012, gas prices reached a Labor Day weekend record of $3.83, a significant difference from 2014 projections.
Multiple media sources have reported that geopolitical tensions across the globe have not had much of an impact on energy markets, which is good news for the American traveler. Part of this is due to a seven-year demand low for oil and a five-year high in American oil production. As a result, outside risks are having less of an effect on American energy, according to USA Today.
Before getting on the road for Labor Day weekend, be sure to check your auto insurance policy to ensure you have enough coverage. You don't want to be left on the side of the road without coverage in case you run into trouble or get into a fender-bender on the way to your vacation destination.
After Labor Day weekend, gas prices are expected to continue falling throughout the fall season, and many states including Missouri, New Jersey, Virginia, South Carolina, Tennessee, Mississippi, Alabama, Arkansas, Louisiana, Oklahoma and Texas already have pump prices close to $3.25.