Memorial Day Gas Prices To Be Cheapest In Almost 20 Years
The last time the national gas price average leading into the holiday was under $2/gallon was 17 years ago in 2003. That year motorists paid, on average, $1.50 to fill-up.
Alright, so maybe we won't be looking at $1.50 per gallon gas prices this Memorial Day weekend, but they'll still be pretty good--assuming you have some place to go.
Pump prices continue to increase across the country with nearly every state’s average pushing more expensive on the week, on average by four cents. At the start of the Memorial Day work week, the national gas price average was $1.87.
Gas prices around Memorial Day have not been this cheap in nearly 20 years. However, as the country continues to practice social distancing, this year’s unofficial kick-off to summer is not going to drive the typical millions of Americans to travel. Despite inexpensive gas prices, AAA anticipates this year’s holiday will likely set a record low for travel volume.
Americans can expect gas prices to continue to push more expensive, possibly hitting $2/gallon in the next few weeks. This is mostly due to demand increasing as states re-open. Typically, the switchover to summer-blend can cause gas prices to spike during the summer driving season, but that will likely not be the case this year due to the impact of COVID-19 on demand and crude oil prices.
For the first time in 20 years, AAA will not issue a Memorial Day travel forecast due to COVID-19 impacts on the underlying economic data used to create the forecast.