AAA expects the most-traveled Memorial Day in more than a decade
Americans getting ready to kick off the summer season should expect busy roadways this Memorial Day weekend. Retail gasoline prices typically increase ahead of Memorial Day as demand often drags on supply levels. However, for 2017, AAA expects that more than 34 million people will travel greater than away from home for the long weekend – this is about 800,000 more than last year. In a recent study, more than 82 percent of people said they will take a road trip this summer, a 7-percent increase from last year and a 9-percent increase compared to 2015, with 70 percent planning to take at least two trips.
Towards the end of April and through the start of May prices at the pump were falling quite a bit but the drop seems to have stopped as crude oil prices are on the rise. Regular gasoline prices are about the same as they were at this time last year and the price is up 1.5 only cents since the start of 2017. Despite the slight rise in the past week as the big Holiday weekend approaches, prices are still low overall and if predictions are correct the roads should be filled with travelers.
The current national average retail price for a gallon of regular unleaded gasoline stood at $2.36 per gallon on Tuesday, May 23 which is still a bargain. When 2017 began, many analysts thought gasoline might approach $3 per gallon by Memorial Day. Instead, there are over 5,000 U.S. gas stations selling fuel for less than $2 per gallon.
The bottom line: gas is still relatively cheap.