Gas Prices Fall Before Memorial Day

Gas prices in the United States have seen a noticeable decline over the past week, marking the fourth consecutive week of decreases just in time for the Memorial Day weekend, according to the latest report from GasBuddy. The national average for a gallon of regular gas has dropped to $3.55, representing a 3.5-cent reduction from the previous week and a significant 12-cent decrease from this time last month. However, despite this decrease, the current national average is still 2.2 cents per gallon higher compared to the same period last year.

State-level data reveals a wide variation in gas prices across the country. States such as Mississippi, Oklahoma, and Louisiana are currently enjoying the lowest average gas prices, with a gallon of gas costing $3.00, $3.03, and $3.07 on average, respectively. On the other hand, California, Hawaii, and Washington are experiencing the highest gas prices, with a gallon of gas priced at $5.14, $4.73, and $4.54 on average, respectively.

Looking ahead, experts suggest that gas prices are likely to remain relatively stable throughout the summer months, with the national average expected to stay in the mid-$3 range for the majority of the season. Patrick De Haan, the head of petroleum analysis at GasBuddy, expressed optimism for drivers, stating that summer gas prices should be ‘mostly favorable,’ provided there are no unexpected disruptions such as geopolitical tensions, hurricane impacts, refinery maintenance, or other unforeseen events.

In terms of the most common gas price, GasBuddy reported that $3.49 was the prevailing price across the U.S. this week. Additionally, GasBuddy’s summer travel forecast, released earlier this week, predicts that the national average for gas prices will likely hover around the mid-$3 per gallon range for much of the summer. De Haan also mentioned that motorists may witness more gas stations lowering their prices to $2.99 per gallon or less as the summer progresses and refineries ramp up their output after completing maintenance.

In a surprising turn of events, the Federal Aviation Administration (FAA) is expecting this Memorial Day weekend to be the busiest for air travel in more than a decade. The FAA anticipates more than 53,000 flights on Thursday and 50,000 on Friday, highlighting the strong rebound in air travel demand following the disruptions caused by the COVID-19 pandemic.