Gas prices are set for their cheapest Memorial Day since 2021
CNN
The nearly 40 million Americans expected to hit the roads this Memorial Day weekend will have something to make them smile while sitting in traffic: cheap gas prices.
The nearly 40 million Americans expected to hit the roads this Memorial Day weekend will have something to make them smile while sitting in traffic: cheap gas prices. The national average price of a gallon of gasoline is expected to be $3.08 on Memorial Day, according to projections released Tuesday by fuel savings platform GasBuddy. That would be the lowest gas price at the unofficial start of summer since 2021 and well below GasBuddy’s average of $3.58 last Memorial Day. It’s also sharply lower than 2022, when gas prices on Memorial Day stood at $4.60. The findings underscore how the relatively low cost of fuel has emerged as one of the biggest bright spots in the US economy, even as a trade war and worries about slower economic growth persist. “This is a win for consumers. And if the stars align later this summer, we could even see the national average drop below $3 a gallon,” Patrick DeHaan, GasBuddy’s head of petroleum analysis, told CNN in a phone interview. On an inflation-adjusted basis, gas is expected to drop to the cheapest Memorial Day price since 2003, excluding the Covid-19 pandemic, according to GasBuddy data shared with CNN.
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