Topline
Gas prices are on the increase heading into Memorial Day weekend, according to AAA, with the average price for a gallon of regular gasoline in the U.S. at $3.57 on Friday, up four cents from the week before—but despite the increase, gas prices are still down almost a dollar from a year ago as more Americans hit the road this year.
Gas prices are displayed at a gas station in Arlington Heights, Ill., Monday, May 1, 2023. Heading … [+]
Key Facts
The slight increase in gas prices this weekend is attributed to “the seasonal surge,” AAA spokesperson Andrew Gross said in a press release, but the increase is mitigated by the low cost of oil right now, meaning pump prices will likely either stabilize or fall after the holiday.
Regionally, gas prices are most expensive in the West and least expensive in the South, AAA data shows.
California, Hawaii, Washington and Arizona all have average gas prices more than a dollar higher than the national average, with California having the highest prices at $4.83 per gallon.
Mississippi had the lowest average price Friday with gas there costing an even$3 a gallon on average; Arkansas, Louisiana and Texas are also among the cheapest states to buy gas in, hovering around an average of $3.13 a gallon.
AAA estimates more than 37 million people will take to the roads this holiday weekend, up 6% from a year ago when the average price of gas per gallon was more than a dollar higher at $4.60 as it skyrocketed toward an all-time record high.
Big Number
$667 million. That’s how much less the United States is spending on fuel “every 24 hours compared to one year ago,” Patrick De Hann, GasBuddy’s head of petroleum analysis, tweeted Friday morning.
Key Background
In June 2022, the U.S. recorded its highest gas prices ever at an average of just under $5.02 a gallon, according to AAA. Prior to 2022, the highest ever average recorded by AAA was $4.11 per gallon in July 2008. Prices surged last year after Russia invaded Ukraine, causing crude oil prices to surge and threatening global supply while inflation was also at an all-time high. Prices began dropping in the fall—as crude oil prices dropped—and hit their lowest recent point on December 26 at $3.05 nationally, according to GasBuddy data. De Hann previously said there’s an “extremely long shot” of gas prices this summer rising to last summer’s costs because oil prices are continuing to drop.
Further Reading
Gas Prices Creep Higher As Drivers Fuel Up Ahead of Memorial Day (AAA)
Americans to spend $1.6 billion less on gas this Memorial Day weekend (CNN)
Will Gas Prices Hit $5 Again Soon? Analyst Says ‘Extremely Long Shot’ (Forbes)
Source: https://www.forbes.com/sites/mollybohannon/2023/05/26/memorial-day-travel-surges-here-are-the-states-where-gas-is-most-expensive-and-cheapest-heading-into-weekend/