Gas Prices Steady Ahead of Memorial Day Weekend, Offering Relief to Holiday Travelers

With millions of drivers preparing to hit the road for Memorial Day weekend, gas prices have remained stable nationwide, providing welcome news for travelers. According to AAA, the national average for a gallon of regular gasoline holds at $3.19, unchanged from the previous week and significantly lower than one year ago, when prices stood at $3.61.

AAA reported on May 22 that current prices represent the lowest Memorial Day average since 2021, when the national average was $3.04 per gallon. Experts attribute the stability to a supply surplus in the crude oil market, with production outpacing demand.

The latest data from the Energy Information Administration (EIA) shows a slight decline in gasoline demand, dropping from 8.79 million barrels per day (b/d) last week to 8.64 million b/d. Meanwhile, domestic gasoline supply rose to 225.5 million barrels, up from 224.7 million, and production also climbed, averaging 9.6 million b/d last week.

While pump prices have remained mostly flat this year, AAA noted this steadiness is unusual compared to previous years. This trend, they say, is being driven by current oil market dynamics.

At the close of Wednesday’s trading session, West Texas Intermediate (WTI) crude oil fell 46 cents, settling at $61.57 per barrel. Crude inventories rose by 1.3 million barrels, reaching 443.2 million barrels, which is still 6% below the five-year average for this time of year.

Gas prices vary significantly by state. The most expensive gasoline markets in the U.S. are:

California – $4.87
Hawaii – $4.49
Washington – $4.38
Oregon – $3.99
Nevada – $3.93
Alaska – $3.64
Illinois – $3.44
Arizona – $3.37
Idaho – $3.32
Pennsylvania – $3.31

Meanwhile, the least expensive states for gasoline include:

Mississippi – $2.66
Louisiana – $2.71
Alabama – $2.74
Tennessee – $2.77
Texas – $2.78
Arkansas – $2.80
South Carolina – $2.81
Oklahoma – $2.81
Kentucky – $2.85
Missouri – $2.87

Electric vehicle (EV) drivers also saw stable prices. The national average per kilowatt hour (kWh) at public EV charging stations held at 36 cents over the past week. AAA provided a breakdown of EV charging costs across states, showing continued disparities.