{"id":357443,"date":"2026-05-22T11:42:50","date_gmt":"2026-05-22T16:42:50","guid":{"rendered":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/gas-prices-near-highest-level-in-4-years-ahead-of-memorial-day"},"modified":"2026-05-22T11:42:54","modified_gmt":"2026-05-22T16:42:54","slug":"gas-prices-near-highest-level-in-4-years-ahead-of-memorial-day","status":"publish","type":"post","link":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/gas-prices-near-highest-level-in-4-years-ahead-of-memorial-day","title":{"rendered":"Gasoline costs close to highest degree in 4 years forward of Memorial Day"},"content":{"rendered":"


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Gas prices stand near their highest level in four years as millions of Americans ready themselves to hit the road over Memorial Day<\/a> weekend.<\/p>\n

The national average for a gallon of gas on Friday stood at $4.55, which amounts to a roughly 42% rise from this time last year, AAA<\/a> data showed. Gas prices surged in recent months as the Iran war<\/a> choked off global oil supply.<\/p>\n

Six states boast average gas prices above $5, including Washington and Alaska. California, the state with the nation’s highest gas prices, offers drivers an average gallon of $6.13, according to AAA.<\/p>\n

Roughly 39 million people are expected to travel by car over the Memorial Day holiday, exceeding last year\u2019s total, AAA<\/a> forecasted.<\/p>\n

“Travel demand remains strong, and despite higher fuel prices, many people are prioritizing leisure travel,” Stacey Barber, vice president of AAA travel, said in a statement.<\/p>\n

Americans will spend about $2 billion more on gasoline over the four-day Memorial Day weekend compared to a year ago, amounting to an added cost of roughly $22 million per hour, Patrick De Haan, a petroleum analyst at GasBuddy, said in a post on X<\/a> on Friday.<\/p>\n

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Gas prices at a gas pump at a Wawa gas station ahead of the Memorial Day weekend in Philadelphia, May, 21 2026.<\/span><\/span><\/span><\/p>\n

Seth Herald\/Reuters<\/span><\/p>\n<\/div>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n

Nineteen states are expected to post record-high Memorial Day gas prices, among them Colorado, Ohio, Missouri and New Mexico, De Haan said.<\/p>\n

Crude oil is the main ingredient in auto fuel, accounting for more than half of the price paid at the pump, according to the federal U.S. Energy Information Administration<\/a>. The Middle East conflict triggered a historic oil shortage, driving up crude prices and hiking the cost of auto fuel.<\/p>\n

The surge in oil prices came about after Iran effectively closed the Strait of Hormuz<\/a>, a maritime trading route that facilitates the transport of about one-fifth of global crude supply.<\/p>\n

The U.S. West Texas Intermediate futures price — a benchmark of U.S. oil prices \u2013 has soared 50% since the outbreak of war on Feb. 28.<\/p>\n

The U.S. is a net exporter of petroleum, meaning the country produces more oil than it consumes. But since oil prices are set on a global market, U.S. prices move in response to swings in worldwide supply and demand.<\/p>\n

Oil prices have fallen slightly this week, however, as negotiations have given rise to hope among traders about a possible resumption of normal tanker traffic in the Strait of Hormuz.<\/p>\n

As a result, De Haan said, gasoline prices may drop over the weekend, falling to an average below $4.50 by Memorial Day.<\/p>\n

Roughly one of every 10 low-income households is spending more than 10% of its monthly income on gas, Bank of America said in a research report shared with ABC News last month, citing internal data. For middle- and upper-income households, the share spending that much on gas drops stands at about one of every 20.<\/p>\n

Oil prices remain well below the highs reached after some previous economic shocks. In 2022, the price of Brent crude surged above $139 per barrel in March, just weeks after the Russian invasion of Ukraine. During the 2008 financial crisis, U.S. oil prices shot up as high as $147 a barrel.<\/p>\n<\/div>\n


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