Memorial Day gas prices projected to be more than $1 lower this year
CHARLESTON, S.C. (WCSC) - A projected drop in gas prices this Memorial Day compared to last year may not be enough for many Americans to hit the road this summer, Gas Buddy says.
The national average price for gasoline this Memorial Day weekend is projected to be around $3.53 per gallon, $1.10 less than it was the same time last year.
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“While gas prices are far lower in most areas than they were last year, Americans seem to feel a bit worse about the economy this year on the heels of rising interest rates, the bank crisis, and inflation that has spiked, impacting their ability to take a road trip during the summer driving season,” GasBuddy’s head of petroleum analysis, Patrick De Haan, said.
GasBuddy’s 2023 Summer Travel Survey found that 64% of Americans are planning to take a summer road trip this year. That’s up from 58% in 2022, but the survey also found that 60% of that group has not yet confirmed their plans by booking accommodations, activities or other travel plans.
“While the number of Americans planning on taking a road trip is higher this year, we’re finding that many remain cautious about the direction of the economy and thus have not yet cemented those plans in, with some hinting that price uncertainty is making things challenging,” De Haan said.
To save money on gasoline during a summer road trip, here’s what GasBuddy recommends:
- Shop around for the best gas prices. Drivers can save upwards of 30 cents per gallon just by comparing prices before filling up and choosing a price - not a station - for a fill-up.
- Beware of crossing state lines. Gas prices often vary drastically between states because of changes and summer gasoline requirements. Make sure to check prices before crossing a state line to avoid overpaying.
- Change how you drive. Curbing aggressive habits like speeding, hard braking and fast acceleration and using cruise control on the highway at 65 mph can increase efficiency by 15 to 25% versus going 75 mph.
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