Memorial Day weekend gas prices might be the lowest in decades
If you're planning a road trip this Memorial Day, rejoice: Adjusted for inflation, this year could see the cheapest gas prices for the holiday weekend since 2003.
According to gas price tracker Gasbuddy, the national average is projected to be $3.08 per gallon, down significantly from $3.58 on Memorial Day last year.
'This year's relatively lower prices are influenced by lower crude oil costs amid an increase in oil production from OPEC+, the potential for a nuclear deal with Iran, and some economic uncertainty,' Gasbuddy said in a press release, adding that as summer progresses and refinery maintenance concludes, the national average price of gasoline could fall below $3 per gallon at times this summer.
Quartz found prices as low as $2.33 a gallon in Horn Lake, Mississippi and $2.41 a gallon Spartanburg, South Carolina. Gas prices clocked in at $3.73 at Sam's Club (WMT) in Pearl City, Hawaii.
Meanwhile, AAA's fuel price composite sits at $3.17 as the national average. AAA has California with the highest average gas price at $4.89 per gallon, above Hawaii's $4.48, which is the second highest. The lowest prices are clustered in the South, with Mississippi leading the way with an average of $2.66 per gallon.
If you are planning to hit the road this summer, you aren't alone. Sixty-nine percent of Americans plan a road trip over the months ahead, according to Gasbuddy.com. The company's research also shows that the average traveler is planning multiple journeys, with many (32%) intending to take two road trips this season. Many Americans are venturing far, with 40% expecting to drive more than 5 hours to reach their destinations. Memorial Day is the most popular of the summer holidays for road trips, followed by the Fourth of July and then Labor Day weekend, according to Gasbuddy.
Mercedes Zach, a travel expert at ASAP Tickets, says the low fuel prices give car travel the edge over air this summer.
'As fuel prices remain quite favorable, many see this as an additional motivation to travel by car; that's especially valid for larger traveler groups, such as larger families, where flying gets expensive fast,' Zach says, adding that she expects people to take shorter trips on the West Coast, where fuel prices are higher.
'While on the East Coast, where the fuel is cheaper, people are probably more likely to plan longer road trips and vacations as they can afford more,' Zach says.
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