Why you'll pay a lot more for gas this Memorial Day weekend

Ivan Schwartz
May 26, 2018

While the higher prices aren't expected to impact travel this weekend, with 1.8 million North Carolinians estimated to be out on the roads, according to AAA, the higher costs of fuel may begin to impact summer travel plans.

The American Automobile Association says prices at the pump will be at their highest levels this Memorial Day weekend since 2014. Now the national average is $2.95 per gallon.

The Transportation Security Administration said it expects this weekend will set the stage for a record-breaking summer travel season, with 243 million passengers and crew projected to pass through security checkpoints nationwide between Memorial Day and Labor Day.

AAA predicts most states will eclipse the $3 mark in the coming weeks. AAA estimates that 36.6 million Americans will travel by auto this weekend. On the other side of the U.S., CT and MI lead the pack of the most expensive states, with prices of $3.145 and $3.133, respectively.

Prices at the pump haven't been this high heading into the biggest driving holiday of the year since 2014, when crude was sitting in triple-digit territory. According to a new report by AAA that is nearly 5 percent more than last year and the most people traveling in more than a dozen years. But a constellation of factors have contributed to the spike, including rising oil prices, geopolitical developments and the strong economy.

DeHaan also said prices are high right now because in 2016 OPEC cut oil production because prices were too low. Most of those people will travel by auto, said AAA Ohio spokeswoman Jenifer Moore.

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When it comes to fuel efficiency and running air conditioning, Milani says newer cars are built for comfort and to be fuel efficient, so it's best to do your usual summertime driving habits.

The Louisville area average is at $3 a gallon.

"It's starting to cause some sticker shock and maybe some resentment".

"The Saudis are quite enjoying $80 prices", said Michael Tran, global energy strategist at RBC Capital Markets.

Other reports by GizPress

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