Pump prices steady before Memorial Day despite expected high travel volume

Banking & Financial Services
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Marshall L. Doney President and CEO | AAA, FL

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The national average for a gallon of gasoline has experienced a minor fluctuation since last Thursday, settling one cent higher at $3.61. This stability in pump prices is common in the days preceding Memorial Day. However, with AAA forecasting a record 38.4 million drivers on the road for the long weekend, there is potential for a temporary increase in prices.

"Since the pandemic, the summer driving season has not seen a surge in demand, which can push pump prices higher," said Andrew Gross, AAA spokesperson. "So it will be interesting to see if this year bucks that trend. This week’s move by the Biden Administration to sell off the million-barrel Northeast Gasoline Supply Reserve might help stave off any regional pump price surges but likely won’t move the national average that much."

For further details, including the latest EIA data and oil market dynamics, visit: https://gasprices.aaa.com/pump-prices-hit-the-rest-stop-ahead-of-long-holiday-weekend/

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