Overview
- The national average for regular gasoline is about $4.55 to $4.56 per gallon, the highest Memorial Day level since 2022 and roughly 43% above last year.
- AAA expects about 45 million Americans to travel for Memorial Day weekend with roughly 39.1 million driving despite higher pump prices.
- Analysts tie the spike to the Iran war and a blockade of the Strait of Hormuz and warn that, if shipping disruptions persist, prices could reach about $4.80 to $5 per gallon this summer.
- Prices vary widely by state with several averaging above $5 per gallon and California near $6.13, prompting some travelers to shorten or cancel trips and increasing the holiday fuel bill by an estimated $2 billion versus last year.
- Official data show recent month-to-month rises in gasoline, airfare and lodging costs which could push more price increases through grocery and travel bills for households this summer.