Gas prices in the United States are averaging $2.40 per gallon heading into Memorial Day weekend. That’s 10 cents more per gallon than last year, but the second-lowest rate since 2009.
In a typical year, gas prices increase in the spring as refiners switch from winter-grade to summer-grade gasoline. In addition, gas prices in the United States are tied to Brent crude oil prices. This year, Brent prices have been stable.
Inventory is high, while demand is low this year. The American Automobile Association, however, expects 1 million more travelers than 2016, the highest travel volume since 2005.
Prices vary by region because of taxes, supply and demand. The Gulf states have the lowest prices, averaging 25 cents a gallon below the national average, while the West Coast states have the highest prices, averaging 53 cents a gallon above the average.
“Through May 22, U.S. regular gasoline prices, as measured in EIA’s weekly retail survey, have averaged $2.36/gal in 2017,” the U.S. Energy Information Administration said. “EIA expects the 2017 summer season (April through September) gasoline price to average $2.39/gal, 16 cents higher than last summer. On an annual basis, U.S. regular gasoline prices are forecast to average $2.34/gal in 2017 and $2.45/gal in 2018.”