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Ahead of the Memorial Day weekend, when many Americans will hit the road for vacations, gas prices have fallen to their lowest level in four years.
Per the US Energy Information Administration (EIA), gas prices as of May 19, the Monday before Memorial Day, gas prices averaged at $3.17 per gallon, an 11 percent decrease from the same time one year ago, and a 14 percent decrease from 2024 when adjusted for inflation.
The EIA said that the fall in gas prices is largely due to the price of crude oil falling.
The EIA noted that gas prices have risen just 4 percent since January, a sharp contrast from the average increase of 19 percent seen between those months. Driving increased prices for gasoline in the summer are demand, as well as the requirement for retailers to sell more expensive summer-grade gasoline.
In individual regions, the West Coast has seen a 10 percent drop in gas prices from the same time in 2024, while the Gulf Coast saw a 13 percent decrease, the East Coast saw a 17 percent decrease, the Rocky Mountains saw a 12 percent decrease, and the Midwest saw a 15 percent decrease.
The American Automobile Association (AAA) estimates that between Thursday, May 22 and Monday, May 26, 45.1 million people will travel at least 50 miles from their home.
This is an increase of 1.4 million travelers compared to 2024.
This surpasses the record set in 2004, with 44 million people. In 2025, an estimated 39.4 million people will do their traveling by car.
Per the US Energy Information Administration (EIA), gas prices as of May 19, the Monday before Memorial Day, gas prices averaged at $3.17 per gallon, an 11 percent decrease from the same time one year ago, and a 14 percent decrease from 2024 when adjusted for inflation.
The EIA said that the fall in gas prices is largely due to the price of crude oil falling.
The EIA noted that gas prices have risen just 4 percent since January, a sharp contrast from the average increase of 19 percent seen between those months. Driving increased prices for gasoline in the summer are demand, as well as the requirement for retailers to sell more expensive summer-grade gasoline.
In individual regions, the West Coast has seen a 10 percent drop in gas prices from the same time in 2024, while the Gulf Coast saw a 13 percent decrease, the East Coast saw a 17 percent decrease, the Rocky Mountains saw a 12 percent decrease, and the Midwest saw a 15 percent decrease.
The American Automobile Association (AAA) estimates that between Thursday, May 22 and Monday, May 26, 45.1 million people will travel at least 50 miles from their home.
This is an increase of 1.4 million travelers compared to 2024.
This surpasses the record set in 2004, with 44 million people. In 2025, an estimated 39.4 million people will do their traveling by car.