Americans spending less to fill up tanks as gas prices drop over holiday weekend
As Americans prepare to head home from the Memorial Day holiday weekend getaway, they are seeing some of the lowest gas prices in years. GasBuddy pegged the national average at $3.08 per gallon for Memorial Day, the cheapest for the holiday since 2021, and that trend is expected to continue.
Unbiased. Straight Facts.TM
According to Gas Buddy, gas will cost $3.08 per gallon on average over Memorial Day weekend. That’s the lowest inflation-adjusted cost for the holiday since 2003.
What can drivers expect heading in the summer months ?
With Memorial Day marking the unofficial start of the summer driving season, GasBuddy predicts the average price to be $3.02 a gallon through Labor Day and perhaps even less expensive as the summer winds down.
Approximately 69% of Americans say they plan to take a road trip this summer. That’s down from 76% last year. This Memorial Day, AAA said nearly 40 million Americans drove 50 miles or more between Thursday, May 22 and Monday, May 26.
What about upcoming holidays ?
Next up, the fourth of July. GasBuddy says 42% of Americans will travel for Independence Day, followed by Labor Day at 35%.
“We’re forecasting the lowest summer gas prices in years, economic jitters are slightly dampening optimism but we still expect a robust travel season,“ Patrick De Haan, head of petroleum analysis at GasBuddy, said.
He added that Americans are becoming more selective with their plans when it comes to spending, instead of cancelling.
Lower crude oil costs are driving gas prices down, along with an increase in production from OPEC+.
What are the best and worst times to travel on Memorial Day?
AAA said the best time to hit the road and head home is between 1 p.m. and 2 p.m. The worst time is 4 to 7 p.m., especially in major cities such as Boston, New York, Los Angeles, San Francisco and Washington, D.C.
Ella Rae Greene, Editor In Chief
