Gas prices remained relatively stable as millions of Americans hit the road for the Memorial Day weekend.
Overall, the national average price for a gallon of regular gasoline during the Memorial Day holiday weekend was $3.66 – 2 cents more than last year’s holiday average of $3.64. The holiday weekend average for gasoline in Florida and Georgia was $3.62, an increase of 14 cents and 13 cents, respectively, compared to last year’s holiday. The Tennessee average of $3.45 was 16 cents higher than last year.
“Motorists who traveled during the holiday weekend enjoyed stable gas prices,” said Mark Jenkins, AAA spokesman for The Auto Club Group. “Prices in the southeast were slightly higher than last year, but it’s unlikely that they factored in people’s decision to travel.”
Increased demand outpaced supplies last week, putting upward pressure on the price of oil and preventing gas prices from falling further. Oil prices are forecast to decline this week as inventories should be able to meet refinery demand. Gas prices should begin their typical June retreat.
The national average price of regular unleaded gasoline is $3.65, 1-cent more than last week. Florida’s average of $3.62 declined 1-cent from last week, Georgia’s average of $3.61 dropped 2 cents, while Tennessee’s average of $3.45 remained unchanged.
Visit AAA’s Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices. The Democrat’s Fuel School, which is featured each Tuesday, Thursday and Saturday, also has current gas prices in and around Lebanon.