Memorial Day Weekend: Gas prices hit 4-year low as millions of Americans load up their cars to enjoy vacation
Gas prices were at a four-year low just ahead of the Memorial Day weekend as millions of Americans prepare themselves to hit the road.
As per numbers from the US Energy Information Administration (EIA), the average US retail gasoline prices going into Memorial Day weekend were 14 per cent lower than last year when adjusting for inflation.
On Monday, the average retail price of regular-grade gasoline in America was recorded at $3.17 per gallon, which is 11 per cent lower than a year ago, EIA said.
Gas prices normally increase between the spring and summer months due to factors including increased demand for travel as well as refineries producing summer gasoline blends that are costlier to manufacture.
Over the last decade – excluding 2020 – retail gasoline prices have gone up by 19 per cent or 49 cents per gallon, on average from January to May as per the EIA.
West Coast prices were down by 10 per cent on Monday as compared to last year, averaging $4.29 per gallon, as per EIA. On the other hand, Gulf Coast gas prices were down 13 per cent from this time last year, at an average price of $2.79 per gallon.
Meanwhile in the East Coast, which sees the most gasoline demand of the five regions, the retail prices of gasoline have dropped by 17 per cent as compared to last year's rates. On Monday, East Coast retail gasoline prices averaged $2.99 per gallon.
The average price of gasoline was recorded at $3.03 per gallon and $3.13 per gallon in the Midwest and Rocky Mountains respectively. This marks a 15 per cent and 12 per cent drop from last year.
Millions of people started to load up their cars across the US on Thursday as the long Memorial Day weekend kicked off. As per a report by the Associated Press, Americans are expected to travel in record numbers even as economic uncertainty looms.
Auto club organisation AAA predicted that over 45 million people — 1.4 million more than last year — would venture at least 50 miles from their homes between Thursday and Monday, with the vast majority going by car.
The previous domestic travel record during Memorial Day weekend was set 20 years ago.
Like last year, about 87 per cent of travelers will drive to their Memorial Day destinations, AAA said. About 39 million people are expected to take road trips.
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