The average pump price of a gallon of gas is expected to reach $3.41 by the Labor Day weekend, down more than a penny from Wednesday’s price and down more than 2.5 cents from last Friday’s price. The holiday price is 18 cents below last Labor Day and a whopping 42 cents below the Labor Day 2012 price.

As we noted last week gasoline prices are expected to keep falling to a level of around $3.25 a gallon by the end of the year. Increased U.S. production of crude oil, negligible disruption to the oil markets due to events in the Middle East and Ukraine, and the switch to lower-price winter-grade fuel all contribute to the expected drop in gasoline prices. U.S demand for gasoline is at a 7-year low and crude oil production is at a 50-year high, adding even more to the downward trend.

According to gasbuddy.com, there are currently 12 states where gasoline prices are $3.25 a gallon or less: South Carolina, Mississippi, Alabama, Louisiana, Virginia, Arkansas, Tennessee, Oklahoma, New Jersey, Texas, Missouri, Minnesota, and Georgia.

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