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7mo ago

U.S. Gas Prices Expected to Drop to $3.08 for Memorial Day, Lowest in Over Two Decades

National gas prices are set to reach their lowest inflation-adjusted level since 2003, with projections indicating continued affordability through summer travel season.

WASHINGTON, DC - JUNE 24: Republican presidential candidate former U.S. President Donald Trump arrives onstage to speak at the Faith and Freedom Road to Majority conference at the Washington Hilton on June 24, 2023 in Washington, DC. Trump spoke on a range of topics, including his recent federal indictment, to an audience of conservative evangelical Christians. (Photo by Drew Angerer/Getty Images)
A customer pumps gas into their vehicle at a Shell station on April 10 in Miami, Florida.
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Overview

  • The national average gas price is projected to be $3.08 per gallon on Memorial Day, marking the lowest inflation-adjusted level since 2003, excluding pandemic years.
  • GasBuddy forecasts an average price of $3.02 per gallon from Memorial Day through Labor Day, with occasional dips below $3.00 expected later in the summer.
  • Factors driving lower prices include increased oil production by OPEC+, potential progress on a U.S.-Iran nuclear deal, and ongoing economic uncertainty.
  • AAA anticipates record travel for Memorial Day weekend, with 39.4 million Americans expected to drive, surpassing pre-pandemic levels.
  • Regional disparities persist, with prices as low as $2.33 per gallon in Mississippi and as high as $4.89 in California, reflecting broad geographic variation.