Gas prices rise as holiday weekend arrives

26 May, 2018, 18:21 | Author: Billie Castillo
  • Gas prices spike before travel-heavy Memorial Day weekend, but travelers so far are undeterred

California has the dubious distinction of being home to the highest gas prices in the country as millions of people in the state prepare to hit the road this Memorial Day weekend, KSWB reporting partner KTLA reports. That's compare that to the $2.21 Memorial Day price in 2017 - an increase of 4.7 percent.

AAA says that fifteen states, including New York, New Jersey and IL, are already facing $3 average gas prices or higher.

"Besides the pull of demand on prices in the summer, refiners have to replace cheaper blending components with more expensive ones in order to meet environmental regulations", Judith Dwarkin, chief economist at RS Energy Group, said in an email.

"AAA forecasts almost 37 million travelers will hit the road for the holiday weekend".

"TSA screens over 2 million passengers on an average day throughout the year and expects to screen over 2.6 million a day during peak periods of the busy summer travel season", TSA Administrator David Pekoske said. Local prices, which are already far higher than those nationwide, have seen a similar trend upward. At least one gas station in New York City had gas priced at $4.99 per gallon on Tuesday.

Rain Likely By Memorial Day
If you live in a flood-prone area keep a close eye on water levels this weekend and never attempt to drive through flooded roads. At 1000 AM CDT (1500 UTC), the center of Subtropical Storm Alberto was located near latitude 19.7 North, longitude 86.8 West.

"We just go with the flow and go with the gas prices and go on", said Miller. A spike in crude oil prices has lifted the national average price of gas by 31% over the past year to an average of $2.97 a gallon, according to AAA. "That's usually what happens after we see the big jumps in Louisville".

GasBuddy Head Analyst Patrick DeHaan says several factors are contributing to the rise in prices, including OPEC's 2016 agreement to reduce oil production and the lack of oil being exported by Venezuela.

But even as the prices are surging, there are ways to save at the pump. "But I don't think it will hold people back", said DeHaan.

If you are planning to travel anywhere in the South - there is good news - as AAA averages there are the lowest.



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