Natural gas prices in the U.S. hit a 12-year minimum after Labor Day weekend

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Natural gas prices in the United States have hit a 12-year minimum after Labor Day weekend, according to a report by the U.S. Energy Information Administration (EIA). The specialists from GasBuddy.com have calculated that motorists in the United States saved approximately $19 billion in gas money this summer compared to the previous year thanks to the price drop.

At the same time, Patrick DeHaan, senior petroleum analyst for GasBuddy, is sure that the lowering was temporary: "While today’s trend may lead to some frustration, gas prices are likely to soon revert, leaving behind what has been the cheapest summer at the pump in over a decade."

According to the EIA, prices are expected to fall farther as the summer driving season comes to a close. Analysts have estimated that during the last quarter of the year prices will drop to a national average of $1.95 a gallon, bringing the yearly average to $2.06 for 2016.