Memorial Day Weekend gas prices – what to expect

Yahoo Finance’s Stephanie Asymkos will present the travel outlook for this upcoming Memorial Day weekend.

Video transcript

ALEXIS CHRISTOFOROUS: Memorial Day gasoline prices are the highest in seven years. And they could stay high all summer. Here with that great news and what you can expect if you hit the highways this weekend is Yahoo Finance’s Stephanie Asymkos. Stephanie, give it to us directly. How bad is it at the gas pump right now?

STEPHANIE ASYMKOS: Well, it’s not great, but in a vacuum we kind of have to take a step back. And the snapshot isn’t perfect, but I can expand on that. So, before the holidays, there are over 34 million Americans hitting the roads this weekend. And the current national gas average is over $ 3 a gallon for the regular, which is slightly up from yesterday, and over $ 1 from what we were in May 2020, which all everyone remembers, no one was really going anywhere, doing much.

So like I said, this snapshot the prices are high. But we remain well below our country’s record high, which was in July 2008, when gasoline prices exceeded $ 4 a gallon. And that was the national average. So industry experts have assured me that fuel shortages shouldn’t be a problem. Prices at the pump will stabilize. And the good news is that the price predictions indicate that we won’t even hit this summer’s record. So, a bit of good news out there.

KRISTIN MYERS: So, Stephanie, what can drivers expect when they get to the pump, if it’s not those record prices? And will there be a lot of cars on the road when you decide to hit the streets on your vacation?

STEPHANIE ASYMKOS: Okay, so there will be a lot of cars on the road. But we are still below our level in 2019, around 8% less than the volume of Memorial Day roadtrippers. Like I said, the gas will be there. That’s right – it could be a bit higher, depending on where you are, especially if you are traveling in and around hot spots, like national parks, beaches, places people want to go. So there shouldn’t be a shortage, but it just depends on where you are.

ALEXIS CHRISTOFOROUS: It does, and I know we’re all looking to hit the road as soon as possible. All right, thank you very much, Stephanie Asymkos. Have a great holiday weekend.