Gas prices are expected to hit their lowest Memorial Day level in years, just in time for an estimated 40 million Americans to hit the road for the holiday weekend.
According to new data from GasBuddy, the national average for a gallon of gas is projected to be $3.08 on Memorial Day--marking the cheapest average seen around this time since 2021.
When adjusted for inflation, it’s actually the most affordable Memorial Day gas price since 2003, not counting the unusual pricing during the pandemic.
The Associated Press also notes that rental cars and hotel stays may be slightly more affordable this year, based on recent Consumer Price Index data. Meanwhile, oil prices in the U.S. have dropped roughly 20% since the beginning of Donald Trump’s second term as president. Analysts credit the dip in part to a production surge from Saudi Arabia and OPEC, which Trump encouraged shortly after taking office.There are also ongoing concerns that Trump’s tariff policies could slow both the U.S. and global economies, keeping energy prices in check.