Your jaunt to the beach on Memorial Day will cost you.
The current national average for regular gas is $4.51, the highest it’s been since 2022, when Russia launched its full-scale invasion of Ukraine, causing a spike in oil prices.
The current price of gas is 4 cents higher than a month ago and $1.32 higher than the same time last year. As of Sunday, California has the highest average at $6.11, while Indiana has the lowest at $3.93.
Memorial Day marks the unofficial start of summer, and millions of Americans will travel to cookouts, parties, and vacation destinations to celebrate. AAA projects almost 40 million people will drive at least 50 miles from home between Thursday and Monday.
That’ll now cost over $200 in most states.
“Travel demand remains strong, and despite higher fuel prices, many people are prioritizing leisure travel during holiday breaks,” Stacey Barber, vice president of AAA Travel, said in a statement.
This summer’s escalating prices are largely due to the US and Israel’s war on Iran. Iran all but closed the Strait of Hormuz — a waterway through which around 20% of the world’s oil supply and liquefied natural gas pass through — following those initial attacks. As a result, oil and gas prices have spiked worldwide, forcing some countries to enact energy-saving measures.
President Donald Trump said on Saturday that a deal between the US and Iran to reopen the Strait of Hormuz is “largely negotiated.”
“Final aspects and details of the Deal are currently being discussed, and will be announced shortly,” Trump wrote in a Truth Social post. “In addition to many other elements of the Agreement, the Strait of Hormuz will be opened.”
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