Memorial Day Prices at Pump Set to Be Lowest in Years
WASHINGTON — Forty million Americans are expected to hit the road this Memorial Day weekend, and when they do, the vast majority will be in for a happy surprise — the lowest prices they’ve paid at the gas pump in years.
According to GasBuddy, the Dallas-based tech company that uses crowd-sourcing and other data to identify the cheapest gas prices in the nation, the national average price for a gallon of gasoline in the U.S. this weekend will be $3.08.
That’s the lowest price at this time of year since 2021, when the national average was $3.04.
What’s more, said Patrick De Haan, head of petroleum analysis at Gasbuddy, “if you adjust for inflation and rising wages, Americans are actually going to spend the least amount filling up this Memorial Day since 2003, excluding COVID.”
The latest numbers from AAA are in line with that assessment, though it pegs the national average for a gallon of regular gasoline at $3.19 this week.
Still, the not-for-profit, a federation of local motor clubs, said its current price project is “welcome news” for drivers heading out of town for the long holiday weekend.
A number of industry analysts have attributed the decline in gas prices to sharp increases in oil production by Saudi Arabia and OPEC, moves President Donald Trump called for within days of taking office.
As a result, the total domestic gasoline supply increased from 224.7 million barrels to 225.5. Gasoline production increased last week, averaging 9.6 million barrels per day, according to the Energy Information Administration.
At the same time gasoline demand decreased from 8.79 million barrels per day last week to 8.64 million, helping keep prices low.
Others point to the National Energy Emergency Trump declared within hours of his inauguration, aimed at jumpstarting domestic oil and gas production by, among other things, expanding leasing on federal lands and waters, and beginning an overhaul of the permitting process for oil and gas exploration.
As a result of all these activities, oil prices have dropped some 20% since January, and gas is, on average, 42 cents cheaper per gallon than it was at this exact same time last year.
This weekend, AAA expects the national 10 most expensive gasoline markets to be California ($4.87), Hawaii ($4.49), Washington ($4.38), Oregon ($3.99), Nevada ($3.93), Alaska ($3.64), Illinois ($3.44), Arizona ($3.37), Idaho ($3.32), and Pennsylvania ($3.31).
The nation’s 10 least expensive gasoline markets will be found in Mississippi ($2.66), Louisiana ($2.71), Alabama ($2.74), Tennessee ($2.77), Texas ($2.78), Arkansas ($2.80), South Carolina ($2.81), Oklahoma ($2.81), Kentucky ($2.85), and Missouri ($2.87).
Dan can be reached at [email protected] and on X @DanMcCue
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