Gas Prices Could Remain Low for Late Summer Trips

You might be able to save at the pump during Labor Day weekend.
1:10 | 08/26/14

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

More information on this video
Enhanced full screen
Explore related content
Comments
Related Extras
Related Videos
Video Transcript
Transcript for Gas Prices Could Remain Low for Late Summer Trips
Everyone is trying to squeeze some fun out of these last weeks of summer. When you fill up the car this labor day weekend you'll get a nice surprise at the pump. ABC's Rebecca Jarvis here with the details. Hi, George. Good morning, at least it's going to cost you less getting to that fun if you're driving. Gas prices this labor day weekend are expected at their lowest level in four years. The national average price for a gallon of gas this morning is $3.43. That is already a full 16 cents cheaper than last labor day and it's going to be nice relief for those 29.7 million Americans expected to hit the road in a few days for the labor day holiday weekend trying to get in those last moments with the family this summer, George. Rebecca, what's behind the drop? The big thing is oil is dropping in a nutshell because we saw prices earlier in the summer above $100 a barrel. There were fears that the inability in Iraq would hit oil supplies. They didn't in any major way plus here in the United States we're producing the most oil since 1972. That is driving oil prices down and as a result, prices at the pump are dropping too. This will continue? This will continue. It gets better from here, George. Prices are expected to average 3.20 to 3.25 for the rest of the year.

This transcript has been automatically generated and may not be 100% accurate.

{"id":25125413,"title":"Gas Prices Could Remain Low for Late Summer Trips","duration":"1:10","description":"You might be able to save at the pump during Labor Day weekend.","section":"GMA","mediaType":"Default"}