With summer wrapping up and New York area residents going on fewer road trips, gas prices are falling.
The Labor Day Weekend is underway and for nearly 35 million Americans, that means finishing the first part of a road trip.
Drivers in the Tri-State area are paying the highest Fourth of July gas prices since 2008.
With 41 million Americans expected to travel this year, highways and airports will be packed with travelers looking to take advantage of the 3-day weekend.
AAA predicts about 35 million Americans will hit the road for the Fourth of July holiday, the most since 2007.
Prices at the pump have soared over the past month. Mike Fox, head of the Gasoline & Automotive Services Dealers of America in Connecticut, said the spike in prices is not due to a lack of crude oil or refined gas supplies.
In just the past month gas prices in the Tri-State area have surged 17 to 18 cents per gallon, according to AAA.
More Americans are expected to hit the road over the upcoming Labor Day holiday compared with any year since the 2008 financial crisis, according to a travel forecast issued by AAA.
AAA Mid-Atlantic says the average price of a gallon of regular gasoline in New Jersey on Friday was $3.48, down four cents from last week and 12 cents compared to last month.
The summer spike in gas prices has drivers feeling the pain at the pump, but that financial stress could be rippling through the rest of the economy as well.
Gas prices continue creeping back up to the dreaded $4 per gallon mark. That critical threshold could effect the cost of living.
If it seems like you’re shelling out more for gas in the past few days that’s because you are. Gas prices have gone up more than a dime this month.
34.8 million people are expected to travel more than 50 miles, but 31.2 million are expected on the roads, according to Robert Sinclair with AAA New York.
Although gas prices have nudged up a few cents in the past week, the average price of a gallon of regular, $3.78 on Long Island, is actually about $0.21 less heading into this Memorial Day weekend than this time a year ago.
New York State Attorney General Eric Schneiderman said 29 gas stations have either reached settlements or are being sued for price gouging.