- Average gas prices across the U.S. are expected to fall to a 4-year low ahead of Memorial Day.
- GasBuddy says lower prices could hang around through the summer.
- Some 40 million U.S. travelers are expected to hit the roads this weekend.
A record number of Memorial Day celebrants are projected to head for their holiday destinations by car this weekend and getting there will be a little bit cheaper with prices at the pump set to be well below last year’s rate.
In fact, according to price-tracking website GasBuddy, the cost of filling up the tank ahead of the three-day weekend will be the lowest since 2021 and, after adjusting for inflation, the least expensive in over 20 years.
GasBuddy forecasts that the national average price of gasoline will be $3.08 per gallon on Memorial Day, making it the cheapest Memorial Day at the pump since 2021, but lowest inflation-adjusted price since 2003. Prices are forecast to average $3.02 per gallon over the summer from Memorial Day through Labor Day, with a sub-$3 per gallon national average possible on some days, especially toward the latter half of the summer, according to a report from GasBuddy.
Cheaper gas this summer?
And those sub-$3 per gallon prices could extend into the summer vacation season as well, according to Patrick DeHaan, GasBuddy’s head of petroleum analysis.
“This is a win for consumers,” DeHaan told CNN in a phone interview. “And if the stars align later this summer, we could even see the national average drop below $3 a gallon.”
AAA projects 39.4 million people will travel by car over this Memorial Day weekend, up by a million travelers over last year. Driving is the preferred mode of transportation during holiday travel periods, according to AAA, with 87% of Memorial Day travelers choosing to take road trips.
And that overwhelming majority of holiday travel by car is a rate mostly driven by affordability and convenience, according to Stacy Barber, vice president of AAA Travel.
“Memorial Day weekend getaways don’t have to be extravagant and costly,” Barber said in a AAA blog post. “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.”
A national survey conducted by GasBuddy found that while inflation remains a concern for many households, 47% of respondents report that the cost of gas is not impacting their travel plans. Overall costs, however, have emerged as the top priority for travelers this summer, ahead of factors like destination and accommodations.
“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,” De Haan said. “Rather than canceling plans, travelers are becoming more strategic with their spending.”
Gas prices in Utah
As of Thursday, the average price for a gallon of regular across Utah was $3.31 per AAA, down 2 cents from a month ago and about 35 cents per gallon less than this time last year.
The average price per gallon by Utah metro area on Thursday, according to AAA data:
- Logan, $3.22
- Ogden, $3.25
- Provo-Orem, $3.25
- Salt Lake City, $3.28
- St. George, $3.36