Memorial Day weekend could see record numbers of motorists on American highways and passengers in U.S. airports. AAA estimates 43.8 million people will travel at least 50 miles from home over the weekend.
Those who drive will encounter only slightly higher gasoline prices than a year ago. According to AAA, the national average price of regular gasoline is $3.61 a gallon. That compares to $3.54 a gallon a year ago.
Today’s gas prices have slowly declined over the last month and Patrick DeHaan, head of Petroleum Analysis at GasBuddy, says we have falling demand to thank for that.
“Week-to-date U.S. gasoline demand is down 8.3% from the same period a year ago, DeHaan said in a post on X. “Americans told us they're hitting the road, but actions speak louder than words.”
DeHaan also said motorists should not expect a lot of relief from President Biden’s plan to sell millions gallons of gas from reserves, noting that 43 million gallons of gas represents less than three hours of U.S. gasoline demand. But at least, the trend points to lower prices.
Prices could continue to fall
“Barring some unforeseen event, this pokey drop in pump prices is not likely to change anytime soon,” said Andrew Gross, AAA spokesperson. “There are seven states with county gas averages at less than $3 a gallon. This trend will likely accelerate as more gas outlets east of the Rockies drop their prices.”
According to AAA, Mississippi has the cheapest gasoline in the country, with the statewide average costing $3.05 a gallon. In Oklahoma, the average cost of regular gas is $3.11 a gallon. Regular averages $3.13 in Kansas.
The most expensive fuel is found in California, where the statewide average price of regular is $5.17 a gallon.