US gas prices hit four year low ahead of Memorial Day weekend travel
Share this @internewscast.com

Gas prices heading into the Memorial Day weekend hit a four-year low as millions of Americans prepare to hit the road.

Adjusted for inflation, the average US retail gasoline prices for the Memorial Day weekend are 14% less than the previous year, primarily due to declining crude oil prices, as reported by the US Energy Information Administration (EIA).

For example, the retail price of regular-grade gasoline averaged $3.17 per gallon on Monday, marking an 11% decrease from the same time last year, according to the EIA.

Over the past decade, excluding 2020, retail gasoline prices have risen by an average of 19%, or 49 cents per gallon, from January to May, based on EIA data.

However, gas prices typically increase heading into the spring and summer months due to factors such as increased demand for summer travel and refineries switching over to summer gasoline blends, which are more expensive to produce.

West Coast prices averaged $4.29 per gallon on Monday, down 10% from this time last year, according to the EIA.

Meanwhile, Gulf Coast prices averaged $2.79 per gallon, down 13% from this time last year, and on the East Coast, which has the most gasoline demand of the five regions, retail gasoline prices have dropped 17% from 2024.

Prices averaged $2.99 per gallon in the region as of Monday.

In the Midwest and Rocky Mountains, prices averaged $3.03 per gallon and $3.13 per gallon, respectively. That’s a decline of 15% and 12% from the prior year after adjusting for inflation, according to the EIA. 

This comes as a record number of people — about 45.1 million — are expected to travel at least 50 miles from home over the Memorial Day holiday period despite concerns over rising costs, according to AAA. 

AAA estimated that the majority of them, 39.4 million, will travel by car over Memorial Day weekend, which spans from Thursday to Monday.

Lipow Oil Associates President Andy Lipow said pump prices are expected to remain between $3.25 and $3.50 per gallon this summer, well below last year’s levels.  

He attributed this in part to tariffs that are contributing to putting pressure on oil prices on the expectation of slower growth, coupled with optimism from the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.

The group estimates that global oil demand will grow by 1.3 million barrels per day in both 2025 and 2026.

According to Bloomberg News, the group is also discussing whether to make another large output increase in June, causing oil prices to fall further. 

Phil Flynn, Futures Group senior analyst and FOX Business Network contributor, said it appears that OPEC is going to raise production and take away more of their voluntary production cuts, which “comes as the market was slipping into a supply deficit.” 

“This put a negative spin on prices but was another sign that OPEC wants to keep President Trump happy,” Flynn said.

Share this @internewscast.com
You May Also Like
2025 Saturn retrograde in Aries, Pisces: Zodiac signs most affected

Zodiac Signs Most Influenced by the 2025 Saturn Retrograde in Aries and Pisces

Gather round, folks — formative, punishing daddy planet Saturn, AKA the true lord…
Andre Agassi snaps at commentator over celebrity Wimbledon questions

Andre Agassi Responds Firmly to Commentator’s Celebrity Wimbledon Inquiries

Andre Agassi is at Wimbledon to talk tennis, not to fawn over…
Man wrestling a crocodile.

Outrage as Influencer Colton Macaulay Recklessly Confronts Dangerous Crocodile in Viral Stunt

THIS is the shocking moment influencer Colton Macaulay wrestles a deadly croc,…
California clinic staffers seek to shield ICE agents from detaining Honduran landscaper

California Clinic Employees Strive to Protect Honduran Landscaper from ICE Detention

At a surgical center in California, staff members were recorded on video…
Federal judge restricts LAPD from targeting journalists with force at immigration protests

Federal Judge Prohibits LAPD from Using Force Against Journalists During Immigration Protests

A federal judge in Los Angeles, appointed by former President Joe Biden,…
Las Vegas security guard Kegia Mitchell sentenced for killing customer Thomas Martin over COVID-19 protocols

Las Vegas Security Officer Kegia Mitchell Sentenced for Fatal Incident Involving COVID-19 Protocols

A security guard from Las Vegas received a prison sentence ranging from…
Sheriff Cook discusses safety and crime at town hall

Sheriff Cook Talks Crime and Safety Issues at Community Town Hall

During Thursday’s town hall, Sheriff Michelle Cook announced that crime in Clay…
Caribbean police work to ID body found during search for missing American as nearby security guard was killed

Caribbean Authorities Seek to Identify Body Found During Search for Missing American After Nearby Security Guard Killing

A security guard was killed about 9 miles from where an American…
Driver arrested after attempting to drive through fence at US military base: authorities

Authorities Detain Driver for Trying to Break Through Fence at US Military Base

Officials in Virginia said an unauthorized individual attempted to enter Joint Base…
Supreme Justice Ketanji Brown Jackson triggered by 'state of our democracy'

Justice Ketanji Brown Jackson Expresses Concern About the ‘State of Our Democracy’

Supreme Court Justice Ketanji Brown Jackson, known for sparking debate, is facing…
Ex-Jaguars employee convicted of stealing $22M from team now faces state charges

Former Jaguars Worker Convicted of $22M Theft Now Faces State Charges

Amit Patel, 32, was admitted into the Duval County Jail Tuesday afternoon…
Illegal immigrant convicted of shooting at small-town officer in high-speed chase

Undocumented Immigrant Found Guilty of Firing at Rural Police Officer During High-Speed Pursuit

A small-town traffic stop turned into a deadly confrontation when an illegal…