GasBuddy: Gas prices to drop after Memorial Day

26 May, 2018, 06:26 | Author: Regina Silva
  • National Lampoon's Vacation

The average price for regular unleaded gas in the Los Angeles and Long Beach areas this weekend is $3.76 per gallon, according to AAA, up almost 70 cents from past year at this time. The American Automobile Association says drivers are about to pay the highest gas prices since 2014.

The good news? This might be the peak.

AAA says 15 states are averaging $3 a gallon or more. The highest recorded average price per gallon in greater Chicago was $4.51 in 2012; the record for Chicago was $4.68 that same year, AAA figures show. That's up 25 percent from the year-ago average of $2.37. "You have to factor in the gas prices when you are taking your trips", said Anthony Devoue of West Philadelphia. MS is the cheapest place to buy gas in America, with an average price of $2.654 a gallon. Supplies are running more than a million barrels under where they were a year ago. AAA also says that Boston and NY are two top travel destinations for the weekend, which is sure to lead to congestion on major highways such as the Massachusetts Turnpike and Interstate 95.

The higher prices are due to OPEC production cuts while there is increased demand for oil.

Iran deal is kaput: Crude prices are up $10 a barrel since President Trump backed away from the Iran nuclear deal. "Compared to an average of the last three Memorial Day weekends, pump prices are almost 50 cents more expensive and climbing", Jeanette Casselano, a AAA spokesperson, said earlier this week.

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These higher prices, however, aren't keeping holiday travelers home.

When it comes to fuel efficiency and running air conditioning, Milani says newer cars are built for comfort and to be fuel efficient, so it's best to do your usual summertime driving habits. So, to help you get more bang for your buck, we've mapped out some of the cheapest places to get gas in the Triangle - well, at least for today!

But even as the prices are surging, there are ways to save at the pump.

"The Saudis are quite enjoying $80 prices", said Michael Tran, global energy strategist at RBC Capital Markets.

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