Gas prices are holding steady for the nearly 40 million Americans expected to hit the road on Memorial Day. The average cost of a gallon of regular unleaded in the United States on Sunday was $3.18, according to AAA, the lowest over a Memorial Day weekend since 2021, when the average was $3.04. Gas prices are sharply lower compared with this time last year, when the national average was roughly $3.59, and far lower than 2022, when the average was $4.60. More Americans are expected to be on the road over Memorial Day weekend. AAA estimates about 39.4 million Americans will be driving, an increase of 1 million, or about 3%, from 2024, and a 4.6% increase from 2019. Low gas prices have been a bright spot for the US economy amid an overall gloomy outlook due to President Donald Trump’s trade war and a decline in consumer sentiment. AAA noted the cost of gas hasn’t seen its usual seasonal spikes. “Demand is expected to rise, and pump prices may creep up along with it. Gas prices typically peak in the summer and start coming down when schools go back in session in the fall,” AAA wrote on May 12. Average gas prices have hovered around their current levels since the start of 2025. Gas prices for the holiday are also near historic lows. In 2003, gas was priced at $1.50 a gallon leading into the holiday, which, adjusted for inflation, is roughly $2.65. The holiday gas prices haven’t been below $2 since 2020 — during the Covid-19 pandemic — when the Memorial Day average was at $1.87, according to AAA. “We expect (gas prices) to continue to decline because of the president’s energy policies,” White House press secretary Karoline Leavitt said Thursday at a news conference. Trump has focused intensely on lowering energy prices by promising to unleash domestic production, slash red tape and push OPEC to add supply. US oil prices have plunged about 20% since Trump’s second term began in January. Analysts say that drop has been driven in part by Saudi Arabia and OPEC’s sharp production increases — moves that Trump publicly called for days after taking office during a high-profile speech at the World Economic Forum in Davos, Switzerland. “A lot of the reason crude prices have fallen is pessimism about the economy and Saudi Arabia and OPEC producing more,” Bob McNally, president of consulting firm Rapidan Energy Group, told CNN last week. Oil prices crashed to four-year lows in early April when Trump’s sky-high tariffs sent recession fears skyrocketing. Crude rebounded after Trump paused many of those tariffs. Also behind lower oil prices: Trump’s decision not to follow through on former President Joe Biden’s final-hours move on January 10 to target Russia’s energy sector with harsh sanctions.
Here’s what to expect for gas prices this Memorial Day
TruthLens AI Suggested Headline:
"Gas Prices Remain Low Ahead of Memorial Day Travel Surge"
CNN
7.4
TruthLens AI Summary
As Memorial Day approaches, gas prices in the United States have remained stable, providing a favorable situation for nearly 40 million Americans planning to travel. According to AAA, the average cost of a gallon of regular unleaded gasoline was reported at $3.18 on Sunday, marking the lowest Memorial Day weekend price since 2021, when it was $3.04. This year's prices have notably decreased compared to last year, when the national average was around $3.59, and even more so compared to 2022, where prices soared to $4.60 per gallon. The expected increase in travel this year is significant, with AAA estimating that approximately 39.4 million Americans will be taking to the roads, representing a 3% rise from 2024 and a 4.6% increase from pre-pandemic levels in 2019. This decline in gas prices has been viewed positively for the US economy, particularly given the broader economic challenges stemming from President Donald Trump's trade policies and a general decline in consumer confidence. AAA has pointed out that gas prices have not experienced the usual seasonal increases, though they anticipate a potential rise in prices as demand grows during the summer months, which traditionally see a peak in fuel costs.
Historically, gas prices during Memorial Day are near record lows, with the last time prices fell below $2 occurring in 2020 amidst the COVID-19 pandemic. Adjusted for inflation, gas prices in 2003 were around $1.50 per gallon, equivalent to approximately $2.65 today. Recent comments from the White House suggest that ongoing energy policies under Trump, aimed at boosting domestic production and reducing regulatory barriers, have contributed to the current low prices. Analysts attribute the recent drop in oil prices, approximately 20% since the beginning of Trump's second term in January, to increased production from Saudi Arabia and OPEC, along with broader economic pessimism. These dynamics have led to fluctuations in crude prices, which fell to four-year lows earlier this year due to recession fears linked to Trump's trade tariffs, but rebounded following a pause in those tariffs. Overall, the current gas price situation reflects a complex interplay of domestic policy and international oil market dynamics, making this Memorial Day a more affordable travel option for Americans than in recent years.
TruthLens AI Analysis
The article provides an overview of the current state of gas prices in the United States as Memorial Day approaches. It highlights the relatively low prices compared to previous years, the anticipated increase in road travel, and the broader economic context surrounding these changes. The information is presented in a way that suggests positive implications for consumers and the economy.
Economic Context and Consumer Sentiment
Gas prices being at their lowest over Memorial Day weekend since 2021 is a significant point. The article notes a decline from last year's prices and even more so from 2022, which may create a sense of relief for consumers. By emphasizing these lower prices, the article aims to foster a positive public sentiment, particularly for those planning to travel. The increase in expected travel is also presented as a sign of consumer confidence, which can be interpreted as a hopeful indicator for the economy.
Political Implications
The article touches on political factors, particularly referencing President Trump’s energy policies and their effects on gas prices. The mention of Trump’s efforts to lower energy costs may be aimed at influencing public perception regarding his administration's economic management. This framing could serve to bolster support among those who view lower gas prices as a direct result of favorable policies.
Potential Omissions and Gaps
While the article presents a generally optimistic view, it may downplay or omit the complexities surrounding gas prices, such as geopolitical influences or the potential for future price increases during peak travel seasons. The assertion that gas prices may continue to decline due to presidential policies could be seen as speculative.
Comparative Analysis
When compared to other news articles discussing economic trends, this piece aligns with a broader narrative that seeks to portray a recovery or stability in certain sectors, particularly energy. This alignment may indicate a coordinated effort to project economic positivity in light of other challenges.
Community Impact and Audience
The information seems tailored to appeal to everyday consumers, particularly those who rely on driving for travel or commuting. By focusing on lower gas prices and increased travel, the article may resonate more with middle-class families and individuals planning holidays, thereby strengthening its relatability.
Market Reactions
The implications of this article could impact stock prices related to oil and gas companies. A sustained drop in gas prices could affect the profitability of these companies, leading to fluctuations in their stock values. Investors typically react to trends in energy prices, making this news relevant for market watchers.
Geopolitical Considerations
The article does not delve deeply into the global implications of gas prices. However, fluctuations in domestic prices often reflect broader geopolitical dynamics, particularly with OPEC’s influence. As the article mentions, the drop in prices is partly due to actions by OPEC, hinting at a connection between domestic policies and international relations.
Use of AI in Reporting
It is possible that AI tools were employed to analyze data trends or generate parts of the report, especially given the statistical nature of the content. Tools like natural language processing may have been used to structure the information clearly and concisely. However, the nuanced human touch in interpreting the implications of these trends suggests a blend of human and AI involvement in crafting the narrative.
In conclusion, while the article effectively communicates a positive outlook on gas prices and consumer behavior, it also presents potential biases and overlooks some complexities in the energy market. The overall reliability of the news can be deemed moderate, as it presents factual data but may selectively highlight information that aligns with a particular narrative.