ALABAMA (WKRG) — After gas prices soared across the country in the wake of the war in Ukraine, the cost of gas in Alabama has steadily declined in Alabama since June, according to GasBuddy. That’s a welcome trend for travelers concerned about gas prices ahead of the Labor Day weekend.
It’s also a startling reverse of last year. Ahead of Labor Day 2021, GasBuddy predicted average gas prices would rise to $3.11/gallon, which was 90 cents more than Labor Day 2020 and the highest since 2014.
The price of gas in Mobile was just below the Alabama average, at $3.425. In Baldwin County, the average was $3.460.
Gas prices hit a record $5.02 in June, according to a report from the Associated Press. U.S. crude oil had climb to about $120 a barrel and international prices were even higher.
Since then, gas prices across the country and in Alabama have tumbled. The AP reports that high gas prices in the spring spurred inflation, which led the Federal Reserve to raise interest rates and fueled concerns about global economic trends. Because slow growth and recession pushes down demand for energy, gas prices typically drop.
That’s exactly what’s happening, according to AAA. Drivers this Labor Day weekend can expect pump prices to fall, driven by fears of a recession.