As the summer driving season begins in earnest, gas prices are holding steady. According to AAA, the average gallon of gas in America sells for $3.55 today. That’s three cents less than a week ago, one cent less than a month ago, and $1.29 less than one year ago today.
Californians continue to pay the highest prices, with a gallon of regular gas fetching $4.86. Mississippians pay just $2.96 today.
Memorial Day weekend is the traditional start of summer driving. It hit without a significant price spike this year.
“Although millions hit the road last weekend, gasoline demand fell,” said Andrew Gross, AAA spokesperson.
According to the Energy Information Administration, gasoline demand dropped from 9.43 million barrels per day to 9.1 million last week.
Prices May Rise Slightly
Price stability may be temporary.
The Associated Press reports, “Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price” of the crude oil that refiners turn into gasoline.
Patrick De Haan, head of petroleum analysis for GasBuddy, says, “It’s likely that, as a result of the production cut, oil prices could rally this week, pushing gasoline prices higher as early as midweek.” De Haan says he doesn’t know how long the rise will last, “but I do not yet believe motorists need to be worried. Any rise in average prices should be fairly small, and we’re still extremely unlikely to make a run at record prices anytime soon.”
“Gas is not going to become cheaper,” Jorge Leon, a senior vice president of oil markets research at Rystad Energy, told the Detroit Free Press. “If anything, it will become marginally more expensive.”
Related:
- What Rising Gas Prices Actually Cost You
- Gas Prices: How Hypermiling Saves You Money
- How to Get Better Fuel Economy in Your Existing Car
