Gas Prices Low This Memorial Day Weekend
- Author: Zachary Reyes May 27, 2017,
May 27, 2017, 0:29
Gas prices are up slightly in metro Atlanta ahead of the Memorial Day weekend, but are far below the sharp increase industry experts were predicting.
Association analysts say the increase in gasoline prices is likely the result of rising demand and crude oil prices.
The national report noted that the "price of gasoline typically increases during spring as refiners switch from winter-grade to more expensive summer-grade gasoline. This year, unlike in many recent years, prices have remained relatively stable as Memorial Day approaches".
For the first time in recorded history, current national average gasoline price almost the same as start of the year and Memorial Day 2016.
A survey by GasBuddy found that more than 82 percent of Americans say they will take a long road trip this summer, a 7-percent increase from previous year and a 9-percent increase compared to 2015. The prices are about 10 cents to 15 cents higher than a year ago. Oil prices have been under pressure from weak consumer demand, which is down about 3.5 percent year-on-year. Drivers across the USA face gasoline prices 3 cents higher than last week at an average $2.37 per gallon. West Coast (PADD 5) retail gasoline prices are often above the average US price because of the region's tight supply and demand balance, isolation from additional supply sources, and gasoline specifications that are more costly to meet.
Through May 22, USA regular gasoline prices, as measured in EIA's weekly retail survey, have averaged $2.36/gal in 2017.
Nationally, the Energy Information Administration said the 2017 average is up from the 2016 average of $2.31 a gallon. This weekend's average daily rate for rental cars is $66, up 7 percent from last year's price of $62, the auto club reported.