U.S. Energy Information Administration said this week that the national average retail price of regular gasoline on May 20 – a week before Memorial Day – was $3.58 per gallon. That’s a 1 percent increase from the same time last year – but 2 percent lower adjusted for inflation.
Oil & Gas Journal said gasoline prices have been increasing since early 2024 because of higher crude oil prices, refinery outages, maintenance and seasonal shift to more expensive summer-grade gasoline. Brent crude oil prices increased 20 percent from $76 per barrel Jan. 2 to a peak of $91 per barrel April 5.