Americans may spend $2 billion more on gas over Memorial Day as prices still surge

Surging prices at the pump are not expected to deter Americans from traveling to celebrate Memorial Day, despite there being more than a dozen states projected to see record-high gasoline prices this weekend.

As the war in Iran stretches to the end of its third month, gasoline prices have soared by more than $2 a gallon since February, with the national average staying above $4.55 a gallon on Friday.

Just one day before, AAA reported that the national average for a gallon of regular gasoline hit $4.56, the highest in four years. The highest recorded average was just over $5 in June 2022.

“With gasoline demand on the rise and the prolonged closure of the Strait of Hormuz, pump prices are likely to remain elevated as the summer travel season gets underway,” AAA said.

At least 16 states are expected to see all-time Memorial Day gas price records this weekend, surging past