Memorial Day gas prices hit highest levels in four years as summer travel season begins
Memorial Day weekend gas prices have climbed to their highest levels in four years as record numbers of travelers take to the roads for the unofficial start of summer, according to AAA.
AAA reported Thursday that the national average price for a gallon of regular gasoline reached $4.56, up 3 cents from last week and $1.38 higher than the same time last year.
The current average is approaching the $4.61 national average recorded during Memorial Day weekend in 2022.
AAA attributed the higher prices to rising gasoline demand and the prolonged closure of the Strait of Hormuz, a critical global oil shipping route.
“With gasoline demand on the rise and the prolonged closure of the Strait of Hormuz, pump prices are likely to remain elevated as the summer travel season gets underway,” AAA said in its report.
According to the U.S. Energy Information Administration, gasoline demand increased slightly last week, while domestic gasoline supplies declined from 215.7 million barrels to 214.2 million barrels.
Crude oil prices also remained elevated. West Texas Intermediate crude oil fell $5.89 Wednesday to settle at $98.26 per barrel, though U.S. crude inventories remain below the five-year average for this time of year.
California continued to report the nation’s highest average gas prices at $6.14 per gallon, followed by Washington at $5.78 and Hawaii at $5.64.
Mississippi reported the nation’s lowest average gas price at $4.01 per gallon.
AAA also reported that the national average cost for public electric vehicle charging remained unchanged this week at 41 cents per kilowatt hour.
New Jersey ranked among the nation’s most expensive states for public EV charging at 45 cents per kilowatt hour.
AAA encouraged motorists to plan ahead for summer travel and said drivers can use its TripTik Travel planner to locate current gas and electric charging prices along travel routes.
