Gasoline prices may be reaching their highest price of the year, but they will also at an 11-year low this Memorial Day weekend. With summer driving season officially beginning, Tom Kloza, global head of energy analysis at Oil Price Information Service, expects gasoline to be around $2.29 for the holiday weekend. That is almost $0.50 less than last year when it was about $2.74 per gallon. This is the lowest price for Memorial Day weekend since 2005, when it was averaging $2.07.
Although gas is the most expensive in California and Hawaii, the Midwest has seen the greatest volatility of gas prices lately. A large portion of the region’s oil comes from Canada, where fires caused interruptions in crude oil deliveries to refineries. Minnesota is one of the states that has experienced the largest monthly increases of 20 cents or more.
Kloza expects that a record number of drivers hitting the road will spend about $932 million on gasoline over this holiday weekend. More than 38 million Americans are expected to travel this weekend, according to projections from the American Automobile Association (AAA). About 34 million of the travelers will drive to their destinations. A combination of lower gas prices, rising personal income, and a strong labor market are motivating people to travel.
Marshall Doney, AAA President and chief executive, said: “The great American road trip is officially back thanks to low gas prices, and millions of people from coast to coast are ready to kick off summer with a Memorial Day getaway.”
No matter your plans this holiday weekend, make sure to fill up your tank and drive safely!
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