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Cheapest Labor Day Gas Prices in 16 Years Casts Pall Over Oil

  • Average gasoline price is $2.22 a gallon, according to the EIA
  • Margins to churn crude into fuel lowest in almost a decade
A Chevron Corp. Gas Station Ahead Of Earnings
Photographer: Kyle Grillot/Bloomberg
Updated on

U.S. drivers can look forward to cheap gasoline heading into Labor Day Weekend, spelling hard times ahead for an oil industry that’s already been clobbered by the coronavirus.

Gasoline prices on average this year are $2.22 per gallon, the lowest for this time of year since 2004, according to the U.S. Energy Information Administration. For the owner of a Ford F-150 with a 26-gallon tank, filling up is almost $10 cheaper compared with last year.