BLOOMBERG • Bloomberg 5, 2020
U.S. drivers can look forward to cheap gasoline this Labor Day Weekend, spelling hard times ahead for an oil industry that’s already been clobbered by the coronavirus. Gasoline prices on average this year are $2.22 per gallon, the lowest for this time of year since 2004. The lower margins make it difficult to turn a profit and may prompt refineries shuttered along the U.S. Gulf Coast ahead of Hurricane Laura to remain in repose.