WASHINGTON, D.C. — Gas prices are climbing again ahead of the busy Memorial Day travel period, with drivers expected to face the highest holiday fuel costs in four years, according to AAA.
AAA said the national average price for a gallon of regular gasoline reached $4.534 on Thursday after briefly declining earlier in the week. The average remains slightly lower than a week ago, when prices stood at $4.558, but is sharply higher than a month ago and more than $1.35 above prices from the same time last year.
The auto club said crude oil prices hovering around $100 per barrel continue to keep fuel prices elevated nationwide.
According to AAA, current gas prices are comparable to levels seen in 2022, when gasoline prices reached record highs.
AAA said travelers are expected to hit the road in record numbers during the upcoming Memorial Day holiday week despite the higher prices.
New data from the U.S. Energy Information Administration showed gasoline demand dipped slightly last week, falling from 8.81 million barrels per day to 8.75 million. Domestic gasoline supplies also declined, dropping from 219.8 million barrels to 215.7 million barrels.
Meanwhile, gasoline production increased to an average of 9.8 million barrels per day, federal data showed.
Oil prices fell modestly Wednesday, with West Texas Intermediate crude settling at $101.02 per barrel, down $1.16 from the previous trading session.
AAA said California continued to have the nation’s highest average gas price at $6.14 per gallon, followed by Washington at $5.77 and Hawaii at $5.64.
Mississippi had the nation’s lowest average gas price at $3.99 per gallon, followed closely by Louisiana and Texas at $4.00.
The organization also reported that the national average cost to charge an electric vehicle at a public station remained unchanged this week at 41 cents per kilowatt hour.
Among states with the highest public charging costs, New Jersey ranked seventh nationally at 45 cents per kilowatt hour, AAA said.
