Gas prices hit 4-year low ahead of Memorial Day weekend

Gas prices heading into the Memorial Day weekend hit a four-year low as millions of Americans prepare to hit the road.When adjusting for inflation, the average US retail gasoline prices going into Memorial Day weekend are 14% lower than last year, in large part because of falling crude oil prices, according to the US Energy Information Administration (EIA).On Monday, for instance, the retail price of regular-grade gasoline in the US averaged $3.17 per gallon, 11% lower than a year ago, the EIA reported. Retail gasoline prices increased 19%, or 49 cents per gallon, on average from January to May for the last 10 years, excluding 2020, according to the EIA.However, gas prices typically increase heading into the spring and summer months due to factors such as increased demand for summer travel and refineries switching over to summer gasoline blends, which are more expensive to produce.West Coast prices averaged $4.29 per gallon on Monday, down 10% from this time last year, according to the EIA.Meanwhile, Gulf Coast prices averaged $2.79 per gallon, down 13% from this time last year, and on the East Coast, which has the most gasoline demand of the five regions, retail gasoline prices have dropped 17% from 2024.Prices averaged $2.99 per gallon in the region as of Monday.In the Midwest and Rocky Mountains, prices averaged $3.03 per gallon and $3.13 per gallon, respectively.That’s a decline of 15% and 12% from the prior year after adjusting for inflation, according to the EIA. This comes as a record number of people — about 45.1 million — are expected to travel at least 50 miles from home over the Memorial Day holiday period despite concerns over rising costs, according to AAA. AAA estimated that the majority of them, 39.4 million, will travel by car over Memorial Day weekend, which spans from Thursday to Monday.Lipow Oil Associates President Andy Lipow said pump prices are expected to remain between $3.25 and $3.50 per gallon this summer, well below last year...