Gas prices continue to rise as Memorial Day approaches

29 May, 2018, 00:47 | Author: Martin Tyler
  • Memorial Day gas prices

A spike in crude oil prices has lifted the national average price of gas by 31% over the past year to an average of $2.97 a gallon, according to AAA.

Across the board however, the current national average of $2.97 is the highest at this time going into Memorial Day weekend since 2014, when it was a whopping $3.65, AAA says.

AAA expects more than 41.5 million Americans will travel this Memorial Day weekend, almost 5 percent more than past year, despite the elevated gas prices and high temperatures. Overall strong consumer confidence has many Americans hitting the road to jumpstart their summer. "If gas prices do continue to increase yeah that might be an issue for us".

According to GasBuddy's annual travel survey, 58 percent of respondents said they plan to take a road trip this summer - marking a 24 percentage point drop from the 82 percent who said previous year they had such plans. The highest prices were reported in Metropolis, Illinois.

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However, rising gas prices don't seem to be impacting holiday travel. And Wisconsin's gas hit $2.94 per gallon, a 28 cent increase. According to AAA, the highest gas price ever recorded in California was $4.67 a gallon in October 2012.

If you're hitting the road for Memorial Day Weekend, you may notice some higher prices at the pump. That's up five percent from past year.

DEHAAN: We can point the finger at OPEC, who, for the last 17 months, has been producing less oil to drive the price of oil up.

We are only a few days away from Memorial Day and many people are wondering what the worst times to travel are.

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"Besides the pull of demand on prices in the summer, refiners have to replace cheaper blending components with more expensive ones in order to meet environmental regulations", Judith Dwarkin, chief economist at RS Energy Group, said in an email.

But there's been a steady flow of cars on the road Friday. The AAA estimates that more than $35 million people will travel via automobile over the three-day weekend.

"Being in a hurry", he said, is the biggest mistake one can make when traveling. "So if you choose to ignore Florida's seat belt law, you can expect to receive a ticket as a costly reminder if you are stopped by an officer", Chenault said.

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