Why This Could Be Your Best Labor Day in 11 Years Holiday gas prices are lowest since 2004 By Michael Harthorne, Newser Staff Posted Sep 5, 2015 4:15 PM CDT 27 comments Comments (Shutterstock) (Newser) – Good news, holiday travelers: While you're stuck in Labor Day traffic, you'll be spending less on gas than you have since 2004, the New York Times reports. Yesterday, the national average gas price was $2.42 per gallon. That's nine cents less than last week and more than $1 less than a year ago. In fact, a gallon of gas can be had for less than $2 at more than 8,000 gas stations around the country this weekend. “Consumers will feel a lot better at the pump this holiday than they will looking at their 401(k)’s,” an industry analyst tells the Times. The Hill reports this weekend's affordable gas is the result of falling oil prices from a slowing global economy and the expectation of new oil from Iran after sanctions are lifted.