Gasoline prices in the United States are expected to see a slight drop of up to 10 cents per gallon by Memorial Day weekend, Patrick De Haan, head of petroleum analysis at GasBuddy, said on Tuesday.
“I do not expect #gasprices to trend higher ahead of Memorial Day,” De Haan said on X today.
“Prices could cycle in some areas that see such, which is normal, but I expect the national average to drop 5-10c/gal by the holiday weekend. Low-to-mid $3.50s/gal,” the petroleum analyst added.
AAA estimates showed on Monday that road trips during Memorial Day weekend are to set hit a record-high—38.4 million people are set to travel by car over Memorial Day weekend, the highest number for that holiday since AAA began tracking in 2000. The number of drivers this year would be up 4% compared to last year and 1.9% higher than in 2019.
AAA expects 43.8 million Americans to head 50 miles or more from home by all means of transportation over the Memorial Day holiday travel period between Thursday, May 23, and Monday, May 27, 2024. This would be the highest in nearly two decades, AAA said.
“We haven’t seen Memorial Day weekend travel numbers like these in almost 20 years,” Paula Twidale, Senior Vice President of AAA Travel, said in a statement.
This Memorial Day weekend drivers can expect similar gas prices as last year when the national average was roughly $3.57 per gallon, AAA said.
Last week, the average U.S. gasoline price fell for a third consecutive week, GasBuddy data showed on Monday.
“With gas prices now nearing a 10-cent drop to the high we saw a few weeks ago, the future looks good as we get closer to Memorial Day; price drops could potentially accelerate after last week’s jobs data shows the economy continues to cool off,” GasBuddy’s De Haan said.
“While gas prices stand slightly above where they were last year, I expect most Americans will see prices fall before the holiday weekend, and I’m optimistic the trend could extend into June and beyond,” he added.
“I’m excited to say it does appear that for now, the worst is behind us.”
By Charles Kennedy for Oilprice.com
Lead image (Credit: Reuters)
