If you’re gearing up for a Memorial Day road trip, there’s good news on the horizon: when adjusted for inflation, gas prices this year could be the lowest for the holiday weekend since 2003. According to the gas price tracking service GasBuddy, the national average price of gasoline is expected to hover around $3.08 per gallon, a notable drop from last year’s $3.58 per gallon during the same period.
“This year’s relatively lower prices are influenced by lower crude oil costs amid an increase in oil production from OPEC+, the potential for a nuclear deal with Iran, and some economic uncertainty,” GasBuddy stated in a press release. The company also noted that as summer advances and seasonal refinery maintenance comes to a close, the average national gas price might dip below $3 per gallon at certain points.
While the national average stands at $3.08, some locations are seeing even more favorable prices. Quartz identified rates as low as $2.33 per gallon in Horn Lake, Mississippi, and $2.41 in Spartanburg, South Carolina. On the other end of the spectrum, gas prices reached $3.73 per gallon at a Sam’s Club in Pearl City, Hawaii.
AAA’s current fuel price index shows a slightly higher national average of $3.17 per gallon. The highest statewide average belongs to California at $4.89 per gallon, followed closely by Hawaii at $4.48. The most affordable prices are predominantly in the southern states, with Mississippi leading the pack at an average of $2.66 per gallon.
Travelers across the U.S. are taking notice of these lower fuel costs. According to data from GasBuddy.com, 69% of Americans are planning road trips over the coming months. The company’s survey also revealed that most people aren’t limiting themselves to just one excursion—32% plan to take at least two trips this season. Additionally, many of these travelers are going the distance, with 40% anticipating drives of more than five hours to reach their destinations.
Memorial Day stands out as the most preferred summer holiday for road trips, followed by the Fourth of July and Labor Day weekend, according to GasBuddy’s findings.
Mercedes Zach, a travel expert affiliated with ASAP Tickets, believes that the decline in fuel costs is giving road travel a significant advantage over air travel this summer. “As fuel prices remain quite favorable, many see this as an additional motivation to travel by car; that’s especially valid for larger traveler groups, such as larger families, where flying gets expensive fast,” Zach said.
Zach further explained that trip durations may vary based on regional fuel prices. “While on the East Coast, where the fuel is cheaper, people are probably more likely to plan longer road trips and vacations as they can afford more,” she said. Conversely, she expects that West Coast residents may opt for shorter excursions, given the comparatively high gasoline prices in that region.
The combination of lower gas prices and the desire to travel is expected to create busy highways this summer, especially during major holiday weekends. While airfare costs remain elevated for many destinations, the affordability of driving is encouraging more Americans to hit the open road.
In summary, the combination of global oil market factors, seasonal trends, and economic variables is resulting in a rare break for consumers at the pump. Memorial Day travelers in particular will be the first to benefit from what could be one of the most cost-effective driving seasons in years.
With travel habits shifting in response to these economic factors, it’sevident that Americans are eager to take advantage of every opportunity to travel more for less. And this Memorial Day, the road is calling louder than it has in decades.