A spike in gasoline demand heading into Memorial Day weekend has pushed up prices at the pump, according to the latest AAA gas prices report.
The national average cost for a gallon of gas was $3.57 for the week ending May 25, AAA reported. That was up four cents from the previous week.
“The rise in demand for gasoline is helping to push pump prices higher for now,” AAA spokesperson Andrew Gross said in a statement. “But the increase is mitigated by the low cost of oil, which is wobbling around in the low $70s per barrel. Pump prices could stabilize or fall once this long weekend is in the rearview mirror.”
Gas demand increased from 8.91 to 9.43 million barrels a day last week, according to new data from the Energy Information Administration (EIA). Moreover, total domestic gasoline stocks decreased by 2 million barrels to 216.3 million barrels.
“If gas demand grows amid tighter supplies, drivers will likely see pump prices rise,” AAA said in its report.
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INFLATION AND INTEREST RATE HIKES ARE NEGATIVELY IMPACTING AMERICANS’ FINANCIAL WELL-BEING: SURVEY
While national average gas prices increased four from last week, some states saw sharper increases. Here are the ten states that saw the largest increases in average gas prices, according to AAA’s analysis.
And these were the 10 most expensive oil markets for this week.
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SHOPPING FOR CHEAPER INSURANCE HITS A NEW HIGH AS AMERICANS SEEK RELIEF FROM RISING RATES: J.D. POWER
After facing strict travel restrictions at the height of the COVID-19 pandemic, many Americas are ready to hit the road again, even under tough economic conditions, according to a new survey by TransUnion.
“With the pandemic mostly in the rearview mirror, consumers are starting to shake off concerns about inflation and the economy, and rushing into the spring and summer travel season,” TransUnion said in its report.
In fact, 46% of respondents said they planned to travel more this spring and summer than they did last year, Transunion reported. Moreover, 43% of both Americans with children and those without said they expect to take road trips, making it the most popular travel option, Transunion reported.
In addition, 32% of families with children said they expect to travel on Memorial Day. About 42.3 million Americans are projected to travel 50 miles or more from home this Memorial Day weekend, according to a study published by AAA.
“This is expected to be the third-busiest Memorial Day weekend since 2000, when AAA started tracking holiday travel,” Paula Twidale, senior vice president of AAA Travel, said in a statement. “More Americans are planning trips and booking them earlier, despite inflation.”
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