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U.S. Average Gas Price Falls to Four-Year Low at $3.14

Memorial Day weekend saw a record 45.1 million travelers taking advantage of cheaper pump prices.

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Overview

  • The national average price for regular gasoline stood at $3.141 per gallon on June 2, the lowest level since 2021.
  • Gasoline consumption over Memorial Day weekend rose by 2 percent year-over-year, with AAA reporting 45.1 million people traveled at least 50 miles from home.
  • States along the Gulf Coast offered the cheapest pump prices, led by Mississippi at $2.648 per gallon, while California topped the list at $4.775 per gallon.
  • A recent $10-a-barrel decline in crude oil prices this spring contributed to lower gasoline costs by easing supply pressures.
  • Analysts warn that OPEC+ production changes, geopolitical tensions and the approaching Atlantic hurricane season could disrupt supply and reverse the downward trend.