Memorial Day gas prices highest in 4 years

Tuesday, 29 May, 2018

When asked about gas prices being a factor in their travel this weekend, travelers said prices are higher than they'd like, but not affecting their travel plans just yet.

As average gas prices nationally edged toward $3 a gallon on Friday, there was some mitigating news.

The state average was about $2.27 per gallon this time past year, said Patrick DeHaan, head of petroleum analysis with GasBuddy.

DeHaan predicted that the national average could top $3 a gallon over the next few days before backing away.

"Even with more expensive gas prices, automobile travel is expected to increase by almost five percent this Memorial Day in Texas", said Daniel Armbruster, AAA Texas/AAA New Mexico Spokesperson. Once travelers overcome these bumps in the road, they are likely heading to Las Vegas, San Diego and Santa Barbara, according to AAA, with San Francisco and Yosemite rounding out the list of most popular destinations. Brent crude, the global benchmark that tends to influence U.S. gas prices, recently topped $80 a barrel.

"The price of gas has nothing to do with our plans", said Grubb, while at the Deschutes River with family. Thanks to the rule of supply and demand, higher demand on the existing gasoline supply is leading to higher prices, CNN reports.

"I represent a working class neighborhood and I am concerned for my constituents ability to keep up with the high gas prices, especially when coupled with the other utilities and insurance", Vining said in an email.

Tennesseans are paying an average of $2.71 per gallon. Gas in California and Hawaii, traditionally two of the priciest states, is north of $3.70 a gallon.

Automobiles: The vast majority of travelers - 36.6 million - will hit the road this Memorial Day, 4.7 percent more than a year ago. Drivers on the eastbound 101 Freeway may see their travel time increase by up to 47 percent, while motorists on the southbound 5 Freeway should expect to spend up to 43 percent more time on the road. And DeHaan said USA oil inventories are about 17 percent lower than previous year.

United States President Donald Trump's controversial decision to withdraw from the Iran nuclear deal has many anxious that renewed sanctions against the Middle Eastern oil-rich country will limit some of the nation's most valued supply of oil. "You start to make alternatives - instead of maybe going for a ride, you go for a walk or take the bike".