Gas prices are up 31% from last Memorial Day. Here’s why

Tax cuts have also left most U.S. households with more money to spend though that extra cash has been eroded in recent weeks by sharply higher gasoline pric

Tax cuts have also left most U.S. households with more money to spend though that extra cash has been eroded in recent weeks by sharply higher gasoline pric

Higher gas prices won't deter road-trippers, though, with 36.6 million Americans projected to hit the road this Memorial Day-a 4.7% increase over a year ago.

Gas prices are likely to be the highest since 2014, but AAA is projecting "the highest Memorial Day holiday weekend travel volume since 2005".

Townsend said that is a record high number, an increase of more than 300,000 since 2009, when only 748,500 Washington metro area residents traveled during summer's first holiday weekend.

The New Mexico average for a gallon of gas sits at $2.92 which is only one cent less than the national average. Some were as high as $3.29 a gallon, like at the Marathon Gas Station off Dutchman's Lane in St. Matthews, or as low as $2.89 a gallon like at the Meijer and Marathon-Circle K in Jeffersontown.

AAA estimates that a record 3.2 million Southern Californians will head out of town for all or part of the three-day weekend, and they can expect to pay hefty prices for gas across the state.

"Wholesale gas prices have retreated slightly from their 52-week high point reached on May 10, but so far that hasn't been enough to push down prices at the pump", Auto Club spokesman Jeffrey Spring explained in the release. Even with a two-cent increase from last week's average price, the cost is still about $3.73.

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Those are expected to be the busiest travel times for motorists, when holiday travelers join regular commuters on the roads, according to AAA Texas. As the summer deadline nears, producers need to clear their winter fuel inventory, often selling it a discount, said DeHaan of GasBuddy.

The decision sparked fears that renewed sanctions on Iran, the world's fifth-biggest oil producer, will sideline up to 1 million barrels per day of supply.

At least 17 states were already at $3 per gallon as of Thursday, according to GasBuddy. "That sticker shock to the American family could get worse".

Trump could eventually take action if prices become a problem. Prices jump up in huge amounts then they start to trickle back down. It was oil's steepest decline in almost a year.

Oil prices - now at just over $70 a barrel - have risen to heights not seen in 3½ years. I think they will go up and are going to be ridiculously high.

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