Gas prices for Memorial Day weekend are expected to be the cheapest they have been in years.
Technology company GasBuddy put out an analysis earlier this week that stated the national average price of gas will be $3.08 per gallon on Monday.
The predicted national average price is the cheapest rate since 2021, according to The Hill newspaper. And the price is reportedly expected to drop to as low as $3.02 a gallon by Labor Day.
“While we’re forecasting the lowest summer gas prices in years, economic jitters are slightly dampening optimism – but we still expect a robust travel season, with millions of Americans hitting the road, many for extended trips,” head of petroleum analysis at GasBuddy Patrick De Haan said in a statement.
“Rather than canceling plans, travelers are becoming more strategic with their spending,” he continued.
However, Expedia Group and Bank of America said in separate reports earlier this month that first-quarter numbers indicate the travel and tourism industry may see its first slowdown since the end of the COVID-19 pandemic.
Prices at gas station pumps have steadily declined since the start of the year, largely because of low demand and the price of crude oil has dropped by nearly 25% since January.
