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Michael Kern

Michael Kern

Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com, 

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U.S. Gasoline Prices Continue to Drop

  • Gas prices have fallen by a nickel since last week, the largest one-week drop so far this year.
  • A near-record number of Americans plan to take road trips this summer, with 76% of Americans planning at least one trip between Memorial Day and Labor Day weekends.
  • Middle East tensions have eased, and U.S. refinery activity has increased, contributing to the decline in average retail gasoline prices.

U.S. gasoline prices continue to head lower after the Memorial Day weekend amid lower oil prices and tepid demand. 

The national average for a gallon of regular gasoline has fallen by a nickel since last week to $3.56 as of Thursday, the largest one-week drop so far this year, AAA said.

As of May 31, 2024, the AAA national average showed $3.559 per gallon of regular gasoline. That’s down from $3.609 per gallon a week ago and $3.657 a month ago. At this time last year, Americans paid $3.576 per gallon for regular gasoline, per AAA data.

“Gas prices will likely keep up this slow sag now that we are past the Memorial Day travel weekend and more locations, east of the Rockies, will be selling gas below $3 a gallon,” Andrew Gross, AAA spokesperson, said in a statement on Thursday. 

“But it’s time to start weather watching as the Atlantic Hurricane Season begins June 1st, and forecasters predict it will be very active. A storm impacting the Gulf Coast oil production and refining centers could push prices temporarily higher, so stay tuned.” 

Over the past few weeks, Middle East tensions have eased, while U.S. refinery activity has increased after the end of seasonal maintenance, contributing to a decline in average retail gasoline prices. 

A near-record number of Americans plan road trips this summer as gasoline prices continued to drop ahead of Memorial Day weekend, the start to summer travel, the 2024 Summer Travel Survey of fuel savings platform GasBuddy showed last week. 

A total of 76% of Americans plan to take at least one road trip between Memorial Day and Labor Day weekends, the GasBuddy survey showed. That’s 18% higher than last year. 

Patrick De Haan, Head of Petroleum Analysis at GasBuddy, said on Friday that the average gas prices “continue their gentle decline, and are now 4c lower than a week ago. 45 of 50 states now have lower prices than a month ago, while the biggest monthly increase, WY, is just 3.8 cents. More declines coming!”  

By Michael Kern for Oilprice.com

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  • George Doolittle on May 31 2024 said:
    Quickly getting to the point where can't give away gasoline...though not diesel fuel which continues to hit one record high after another. Long $unp Union Pacific Railroad strong buy

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