GasBuddy, a fuel savings platform, forecasts affordable Memorial Day gas prices for those planning to hit the road for the “unofficial start to summer.”
The national average price of gasoline is projected to be $3.08 per gallon on Memorial Day — the lowest since 2021 and, when adjusted for inflation, the cheapest since 2003, excluding pandemic-affected 2020, according to a new report.
On Memorial Day last year, the national average was $3.58.
Gas prices are expected to average $3.02 per gallon throughout the summer, with a potential dip below $3 on select days, particularly later in the season.
“While we’re forecasting the lowest summer gas prices in years, economic jitters are slightly dampening optimism — but we still expect a robust travel season, with millions of Americans hitting the road, many for extended trips,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement.
Californians, who are already paying much more than the national average at the pump, will likely not see relief ahead of the holiday weekend. As of Tuesday, the state’s average gas price is $4.89, while the national average is $3.17.
Residents can expect higher gas prices in certain areas across the state, such as San Luis Obispo, Sonoma, and Napa, where the average gas price exceeds $5.
The gas price average in Los Angeles County is $4.81, slightly below the state average.
De Haan attributes the overall drop in gas prices to several factors, including lower crude oil costs, increased oil production from OPEC+, and the potential for a nuclear agreement with Iran. The end of spring refinery maintenance is also expected to boost supply, possibly pushing average prices below $3 per gallon as the summer progresses.
AAA projects that 45.1 million Americans will travel for the holiday weekend nationwide, a 3.1% increase from 2024 and a new national record for the holiday period. About 39.4 million residents are expected to travel to their destination by car.