Americans hitting the road for Memorial Day weekend are in for a break at the pump. CBS News reports that GasBuddy expects the national average to land around $3.08 per gallon, the lowest for the holiday since 2021.
That’s about 50 cents cheaper than last year, offering drivers a bit of relief as the summer travel season kicks off.
Where to find the cheapest gas
Not all states are created equal when it comes to fuel prices. Drivers in the South are enjoying some of the nation’s lowest gas prices, with Mississippi leading the way at just $2.64 per gallon.
Other states with notably low average prices include Louisiana ($2.69), Alabama ($2.72), and several states hovering around $2.77, including South Carolina, Tennessee, Oklahoma, Arkansas, and Texas.
Meanwhile, West Coast drivers continue to face the nation’s highest prices, with California topping the list at $4.83 per gallon, followed by Hawaii ($4.46) and Washington ($4.37).
What’s behind the price drop?
Several factors are contributing to the current decline in gas prices. Increased oil production by OPEC+ countries has lowered crude oil costs, with the group potentially boosting supplies further in July. Since mid-January, global oil prices have fallen by $20 a barrel.
Market uncertainty regarding economic policies has also dampened demand, helping to keep prices in check.
Summer forecast looks promising for drivers
The good news doesn’t end with the holiday weekend. GasBuddy forecasts that prices will continue to ease slightly throughout the summer, with a national average of $3.02 per gallon through Labor Day. There’s even a possibility that prices could dip below $3 a gallon toward the end of the summer.
This trend is particularly unusual for this time of year. Typically, gas prices rise during the spring and summer months as demand increases. Federal regulations requiring refineries to switch to summer-grade blends, which are less likely to evaporate, also tend to push fuel costs higher.
When adjusted for inflation and excluding 2020s pandemic-affected prices, this summer’s forecasted national average would be the lowest since 2003.
Making the most of your holiday travel budget
Gas prices may be down, but other vacation expenses have increased. Entertainment costs are up 3.4% compared to last year, and dining out costs have risen by 4%. This means any savings at the pump might quickly be spent elsewhere.
To maximize fuel savings on your Memorial Day road trip:
- Use gas price comparison apps to find the best deals along your route.
- Maintain proper tire pressure for optimal fuel efficiency.
- Remove unnecessary weight from your vehicle before traveling.
- Use cruise control on highways to maintain steady, efficient speeds.
- Consider traveling during off-peak hours to avoid fuel-wasting traffic congestion.
With nearly 40 million Americans expected to travel this Memorial Day weekend, these lower gas prices arrive at the perfect time for a holiday getaway that won’t break the bank at the pump.
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