ANDERSON — Anyone making a Labor Day weekend road trip will have a little extra spending money thanks to some historically low prices in Indiana.
AAA Hoosier Motor Club released nationwide gas price averages, showing this year will have the lowest prices for a Labor Day weekend since 2004.
The national average of $2.42 per gallon is more than a dollar cheaper than it was at this time last year.
Avery Ash, a spokesman for AAA, said that could translate to a savings of $1 billion for travelers this weekend.
It's good news for an estimated 35.5 million people who will be traveling more than 50 miles this weekend, 30 million who are expected to travel via automobile. That total is the most America has seen since 2008, according to AAA.
In Indiana, gas prices are even better than the national figures with a statewide average of $2.36. That's $1.10 per gallon cheaper than it was last year when the average price at Hoosier gas stations was $3.46.
After a spike of more than 70 cents per gallon following the closure of an oil refinery in Whiting, gas prices have been steadily dropping in the Anderson area. According to GasBuddy.com, prices in Anderson were about $2.29 per gallon as of Friday afternoon.
And the trend of falling prices will continue, according to Ash who said in a release prices could dip below $2.00 per gallon by Christmas.
Labor Day usually marks a decline in summer travel and prices tend to fall during the fall and winter months as travel decreases. Companies are also allowed to change to a less expensive blend of gasoline.
During the summer months, companies have to use a summer-blend of gas to cut emissions and help with air quality.
Ash said as long as crude oil prices continue to stay low, there is no reason why prices won't continue to drop.