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Ahead Of Labor Day, US Gas Prices Hit Record Lows Amid Oil Glut

A September 4th pre Labor Day report from the U.S. Energy Information Administration highlights that the average retail price for regular gasoline was $2.51/gallon in the U.S. on August 31st. This represents the lowest price for gasoline on the Monday before Labor Day in the last 11 years, and of particular note, is almost a dollar a gallon lower than on August 31st of 2014.

Rather obviously, the huge drop off in the price crude oil in the last 15 months is the primary factor causing the major decline in U.S. gasoline prices. The report points out that crude oil prices are lower for a myriad of reasons, including worries about economic growth in emerging markets (especially China), anticipation of more...