1 month ago
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Ahead of the Memorial Day weekend, when many Americans will hit the road for vacations, gas prices have fallen to their lowest level in four years.
Per the US Energy Information Administration (EIA), gas prices as of May 19, the Monday before Memorial Day, gas prices averaged at $3.17 per gallon, and 11 percent decrease from the same time one year ago, and a 14 percent decrease from 2024 when adjusted for inflation. The EIA said that the fall in gas prices is largely due to the price of crude oil falling.
The EIA noted that gas prices have risen just 4 percent since January, a sharp contrast from the average increase of 19 percent seen between those months. Driving increased prices for gasoline in the summer are demand, as well as the requirement for retailers to sell more expensive summer-grade gasoline.
In individual regions, the West Coast has seen a 10 percent drop in gas prices from the same time in 2024, while the Gulf Coast saw a 13 percent decrease, the East Coast saw a 17 percent decrease, the Rocky Mountains saw a 12 percent decrease, and the Midwest saw a 15 percent decrease.
The American Automobile Association (AAA) estimates that between Thursday, May 22 and Monday, May 26, 45.1 million people will travel at least 50 miles from their home. This is an increase of 1.4 million travelers compared to 2024. This surpasses the record set in 2004, with 44 million people. In 2025, an estimated 39.4 million people will do their traveling by car.
Stacey Barber, Vice President of AAA Travel, said, "Memorial Day weekend getaways don’t have to be extravagant and costly. While some travelers embark on dream vacations and fly hundreds of miles across the country, many families just pack up the car and drive to the beach or take a road trip to visit friends. Long holiday weekends are ideal for travel because many people have an extra day off work and students are off from school."
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