The White House is touting that gas prices are the lowest since 2021 for Memorial Day weekend, as AAA predicts more than 39 million Americans will be on the road.
Fuel savings platform GasBuddy says travelers can expect to spend an average of $3.08 for a gallon of unleaded gas, which is 50 cents per gallon less than last year’s Memorial Day.
When adjusted for inflation, the Memorial Day gas prices are the lowest since 2003, excluding 2020, when prices were affected by the COVID-19 pandemic.
Drivers can expect to see even lower prices as summer gets into full swing — a national average of $3.02. Prices could even drop below $3 a gallon toward the end of the summer, analysts say.
One factor driving down the cost is lower crude oil costs amid the increase of oil production from the Organization of Petroleum Exporting Countries.
“While we’re forecasting the lowest summer gas prices in years, economic jitters are slightly dampening optimism — but we still expect a robust travel season, with millions of Americans hitting the road, many for extended trips,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement. “Rather than canceling plans, travelers are becoming more strategic with their spending.”
The White House calls lower gas prices “the Trump effect in action.”
“The national nightmare that was Biden’s war on American energy is over,” the White House said Friday. “After President Donald J. Trump declared a National Energy Emergency on his first day in office, his administration has taken relentless action to revive the nation’s energy capabilities and undo the Biden-era stranglehold on American energy production.”
AAA projects that 39.4 million people will drive 50 or more miles from home over the Memorial Day holiday travel period between May 22 and May 26. It’s an increase of 1.4 million travelers compared to last year and sets a new Memorial Day record.
“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,” Stacey Barber, vice president of AAA Travel, said in a statement. “Long holiday weekends are ideal for travel because many people have an extra day off work and students are off from school.”
