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Feds: Labor Day gas prices are lowest since 2004

Feds: Labor Day gas prices are lowest since 2004
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Gasoline prices will be cheaper this weekend than for any Labor Day weekend since 2004, federal researchers reported on Friday.

The average price of gasoline was $2.51 per gallon on Monday, the Energy Information Administration (EIA) said, the lowest price for a Monday before Labor Day since gas was $1.87 per gallon in 2004. The gas price on the same day last year was $3.45 per gallon. 

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The data reflects predictions from the auto group AAA, which said Thursday that the national price of gasoline would fall to $2.44 over the weekend, which is nearly $1 cheaper than last year.

EIA blamed the low prices on weak crude oil prices, which it said are the result of slow economic growth in global markets, a flood of new oil expected from Iran after sanctions are lifted on the country and growing oil inventories around the world. 

Weekend gas prices are topping $3.00 on the West Coast, the EIA said, and are as low as $2.20 in the Gulf Coast region.

The agency said it expects average gas prices to dip to $2.11 per gallon by the end of the year.   

AAA predicts 35.5 million Americans will travel at least 50 miles over the Labor Day weekend and spend $1 billion less on gas than last year.