Average Gas Prices Across US on Memorial Day
Summary
Average gas prices across the United States are higher than last year, with a national average of about $4.51 per gallon on Memorial Day. Prices increased due to disruptions linked to the conflict between the U.S. and Iran, but there are recent signs that prices may be easing as a deal to reopen a key shipping route is being discussed.Key Facts
- The national average gas price on Memorial Day was $4.507 per gallon, slightly lower than the prior week.
- Gas prices have risen by about $1.50 since late February, when the U.S. and Israel launched strikes on Iran.
- California has the highest average gas price at $6.12 per gallon, the only state above $6.
- The lowest price is in Mississippi at $3.97 per gallon, which is still higher than a year ago.
- The Strait of Hormuz, a critical oil shipping passage, is effectively closed due to the conflict, raising oil and gas prices.
- Americans are expected to pay about $2 billion more for gasoline during the Memorial Day weekend compared to last year.
- Around 45 million Americans planned travel over Memorial Day weekend, with about 39 million traveling by car.
- Gas prices may decrease if a deal to fully reopen the Strait of Hormuz is finalized.
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