On Memorial Day 2023, gasoline prices have decreased to an average of just above $3 per gallon, down from $4.60 in 2022, largely due to increased crude oil supplies and weakened demand from China. The U.S. is seeing record levels of oil output, allowing for lower gasoline prices, especially as summer approaches. AAA predicts a high volume of travel this holiday, with 39.4 million Americans expected to drive, further emphasizing the benefit of lower fuel costs for consumers.
Gasoline prices could fall more during mid-summer. 'This is a win for consumers. And if the stars align later this summer, we could even see the national average drop below $3 a gallon,' said Patrick DeHaan, GasBuddy's head of petroleum analysis.
AAA recently released its Memorial Day travel forecast. A total of 45.1 million Americans will travel, 39.4 million of them by car. The organization stated, 'This year, drivers have the benefit of cheaper gas prices.'
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