Americans are projected to spend around $ 4.7 billion on gasoline on the Friday through Monday of Memorial Day weekend, according to GasBuddy, an app and website that focuses on tracking real-time fuel prices.
That’s the equivalent of about $ 1.18 billion spent on gas every day. Give or take $ 1 million, Patrick De Haan, head of petroleum analysis at GasBuddy, told CNBC Make It.
GasBuddy predicts the national average price for gasoline will be $ 2.98 a gallon over Memorial Day weekend. This is the highest price recorded for the May bank holiday weekend since 2014 when gasoline hit $ 3.66 per gallon. ((AAA reports slightly higher average values at $ 3.04 a gallon, as of Thursday.)
“Gas prices have been rising for months due to the sustained surge in gasoline demand as a variety of destinations reopen ahead of the summer driving season. The Colonial Pipeline shutdown has only shown how many more consumers have relied on gasoline since the pandemic.” De Haan says.
Gas prices should start to ease off after Memorial Day, but De Haan warns that a recovery could take place and gas prices could rise again towards mid-summer.
If you’re planning a road trip this summer, here are some tips to help you save on the pump.
You should also be aware that fuel prices can fluctuate depending on your location. AAA recommends Get gasoline before you get to your destination as many popular beach and vacation spots tend to have more expensive gasoline prices.
As a Zen driver, you can not only reduce stress, but also save gas. This is because aggressive driving is possible with a lot of lane changes, braking and rapid acceleration Increase fuel consumption by 30% on the highway.
Driving above 50 mph can also have an impact as it increases the vehicle’s wind resistance. For every five miles an hour you drive over 50, You’ll likely pay an additional $ 0.21 for gasoline.