Memorial Day Travel Hits Record 45M Amid Lowest Gas Prices Since 2021

This Memorial Day weekend, over 39 million Americans are expected to travel more than 50 miles by car, marking one of the busiest travel periods in recent history. Despite the heavy travel, gas prices are projected to be the lowest for this holiday since 2021, with a national average around $3.08 per gallon, which is approximately 40 cents lower than last year and the second-lowest inflation-adjusted price since 2003. The drop in prices is attributed in part to increased oil production by Saudi Arabia and OPEC and a general easing of fuel costs, providing a significant relief to consumers amid broader economic concerns. However, regional prices vary, with areas like Tulare County seeing much higher prices near $4.09 to $4.37 per gallon, while other areas such as Kansas report averages closer to $2.87. Experts note that the lower gas prices act as a psychological tax cut, helping to reduce the cost of living and encouraging travel despite economic uncertainties. Overall, the combination of affordable fuel and robust travel forecasts highlights a positive economic indicator for consumers during the holiday weekend.