Retail price for regular-grade gasoline in the U.S. on May 19, the Monday before Memorial Day weekend, averaged $3.17 per gallon – 11 percent (or 41 cents/gal) lower than a year ago. After adjusting for inflation, average U.S. retail gasoline prices going into Memorial Day weekend are 14 percent lower than last year primarily because crude oil prices have fallen.
Memorial Day weekend is one of the biggest travel weekends of the year, and many of those travelers will go by car. American Automobile Association expects 39.4 million people will travel by car on Memorial Day weekend this year, an increase of 3 percent over last year.
Substantially lower crude oil prices – which are the main component of retail gasoline prices – have kept retail gasoline prices lower than usual going into spring. From May 1 to May 19, Brent crude oil prices averaged $64 per barrel, 20 percent less in real terms than in January and 26 percent less than in May 2024.
U.S. gasoline prices vary regionally, reflecting local supply and demand conditions, state fuel specifications and state taxes. On May 19 west coast prices averaged $4.29/gal, down 10 percent in real terms from same time last year.
Gasoline prices on the Gulf Coast are usually the lowest of any U.S. region. Gulf Coast states are home to more than half of U.S. refining capacity, and more gasoline is produced than is consumed in the region. Gulf Coast states also have lower gasoline taxes than the national average. Gulf Coast prices on May 19 averaged $2.79/gal, down 13 percent from this time last year.
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