More Americans will travel by car this Memorial Day weekend amid cheaper gas prices
Americans planning a trip by car this Memorial Day weekend should expect to pay gas prices closer to $3.25 a gallon, experts predict.
The national average for a gallon of regular inched up to $3.53 on Monday but is still down nearly $1.50 from its peak of $5.02 last June, according to AAA. Drivers in a handful of western states, including Arizona and California, however, have seen an uptick and are now paying more than $4.60 a gallon.
Still, prices will likely drop in the coming weeks, which means "the national average may not end up hitting the $4 per gallon mark — something that will make most motorists very happy," said Patrick De Haan, head of petroleum analysis at GasBuddy.
"For those in Arizona that have seen gas prices spike during the spring, significant relief is starting and should even accelerate over the weeks ahead," De Haan said in a research note Monday.
Gas prices are down nearly 15 cents from a month ago and 95 cents per gallon lower than a year ago, according to GasBuddy. The price drops could explain why millions more Americans are expected to drive during Memorial Day weekend this year compared to 2022.
- Memorial Day travel surge expected as Americans gear up for summer getaways
- Budget hacks for 'revenge travel' summer
- Will a pilot strike disrupt summer travel plans?
About 42.3 million Americans will travel 50 miles or farther for the holiday, according to an AAA estimate. That's a 7% increase — or an extra 2.7 million people — compared to last year, the travel club said. Most of that increase will come from people expected to take road trips, AAA said.
An estimated 37.1 million Americans will drive to their destination, up 6% or an additional 2 million people, from last year, AAA said.
To be sure, more cars on the road has its disadvantages. Drivers should expect long delays in major metro areas like Boston, New York, Seattle and Tampa, Bob Pishue, a transportation analyst at INRIX, told AAA in its travel prediction.
May 26 around midday will probably be the busiest time on the road so people should try to drive in the early morning or after 6 p.m. to "avoid the stress of sitting in traffic," Pishue added.
- Summer travel plans? You'll have to spend a lot more this year to take a vacation
- Airfares will likely be cheaper this summer
"This is expected to be the third busiest Memorial Day weekend since 2000, when AAA started tracking holiday travel," Paula Twidale, senior vice president of AAA Travel said in a statement. "More Americans are planning trips and booking them earlier, despite inflation. This summer travel season could be one for the record books, especially at airports."
About 3.4 million travelers are expected to fly during the holiday Memorial Day weekend — up 11% over last year, AAA said. Plane tickets are about $274, but will likely spike as the unofficial kickoff to summer approaches, according to travel booking app Hopper.
Khristopher J. BrooksKhristopher J. Brooks is a reporter for CBS MoneyWatch covering business, consumer and financial stories that range from economic inequality and housing issues to bankruptcies and the business of sports.
TwitterDisclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
