Good and Bad News About Memorial Day Gas Prices

Good and Bad News About Memorial Day Gas Prices
Photo (cc) by KOMUnews

Gas prices are at their highest point of the year, averaging $2.313 nationwide as of today.

This month also marked the first time since August that the average price was more than $2 per gallon in every state and Washington, D.C.

The good news is that, despite recent upticks, drivers could end up paying the lowest Memorial Day weekend gas prices since 2005, according to AAA.

Based on today’s state averages, drivers in the following states have it best going into the holiday weekend:

  • Mississippi — averaging $2.075 per gallon today
  • Texas — $2.08
  • South Carolina — $2.089
  • Louisiana — $2.093
  • Arkansas — $2.095

State averages are currently highest in:

  • California — $2.808
  • Hawaii — $2.674
  • Alaska — $2.628
  • Washington — $2.597
  • Michigan — $2.532

Patrick DeHaan, senior petroleum analyst at GasBuddy.com, told MarketWatch that travelers should take advantage of the low prices this weekend, as they might not last.

This could be the cheapest year not only in the past decade but also over the next few years, he said, “as high demand partially soaks up the glut of crude oil and oil production in the U.S. continues to decline.”

Just don’t expect smooth driving if you leave town this weekend.

Thanks to the low gas prices, AAA recently projected that the travel volume this weekend will be the second-highest on record and the highest since — you guessed it — 2005. That translates to more than 38 million Americans traveling this holiday weekend, an increase of about 700,000 from last year.

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.”

Are you heading out of town this weekend? Let us know where you’re going and whether you’re driving by commenting below or on Facebook.

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