Gas Prices Drop: Time For A Labor Day Road Trip

Gas prices are the lowest of the entire summer--$2.68 a gallon, according to the U.S. Energy Department. That's good news and just in time for the busy Labor Day travel weekend. I discussed the recent price drop with CBS3 this morning.

One final point I didn't get to mention on the segment (darned that Earl!): while world events and weather can impact prices over the short term, over the long term, here's what contributes to a dollar at the pump:

• The price of crude oil: 67 cents
• Taxes: 15 cents
• Distribution and Marketing: 11 cents
• Refining: 7 cents

Jill Schlesinger

Jill Schlesinger, CFP® is the Emmy-nominated business analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

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