triplefruitdeluxemegaways| MHMarkets: Gasoline prices rose 1% year-on-year on the eve of anniversary day

MHMarkets reported that although natural gas prices have dropped slightly from recent highs, they are still higher than Memorial Day 2023.triplefruitdeluxemegawayslevel. The number of Americans planning road trips hit a record high this summer, with many planning long-distance trips. Although gasoline prices are at moderate levels, the American Automobile Association (AAA) expects record numbers of people traveling over Memorial Day weekend.

According to data from the U.S. Energy Information Administration (EIA) on Thursday, the average retail price per gallon of regular gasoline in the United States in the week leading up to Memorial Day was 3.5 percent.triplefruitdeluxemegaways$.58, 1% higher than the same period last year. MHMarkets pointed out that tensions in the Middle East have eased in the past five weeks and U.S. refinery activity has increased after seasonal maintenance has ended, causing average retail gasoline prices to fall.triplefruitdeluxemegaways2%.

The 2024 Summer Travel Survey released on Tuesday by fuel-saving platform GasBuddy showed that as summer travel begins and gasoline prices continue to fall before the Memorial Day weekend, the number of Americans planning road trips this summer is close to a record. MHMarkets noted that 76% of Americans plan to take at least one road trip between Memorial Day and Labor Day weekends, 18% higher than last year.

Surveys show that U.S. travelers plan on average two road trips, with many taking long-distance adventures--49% expect to drive five hours or more to reach their destination. MHMarkets predicts that the national average gasoline price will remain around $3 a gallon for most of the summer, and gasoline prices at tens of thousands of gas stations may fall below $3 a gallon in the coming months. National gasoline prices are expected to average 3.5 percent per gallon during Memorial Day and Labor Daytriplefruitdeluxemegaways.58 dollars.

AAA last week estimated that road trips over the Memorial Day weekend would hit a record high, with an expected 38.4 million people driving, the highest number since AAA began tracking in 2000.

MHMarkets predicts that 43.8 million Americans will travel 50 miles or more from home during the Memorial Day holiday from Thursday, May 23, to Monday, May 27, 2024, the highest level in nearly two decades.

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