The national average price for regular unleaded gasoline climbed to 4.18 dollars per gallon this week, a 38-cent increase from a month ago and the highest reading since the summer of 2022. The surge is being driven by a combination of OPEC production cuts, refinery capacity constraints ahead of the summer blend transition, and a rebound in air travel that is pulling crude away from gasoline production.
AAA projects that 38 million Americans will travel by car this Memorial Day weekend, a seven percent increase from last year. Travel industry analysts warn that the combination of high fuel costs and rising hotel rates could be the breaking point for budget-conscious travelers who might postpone or shorten planned trips. Gas station operators are reporting strong demand despite the higher prices.
