Gas Prices Soar Ahead of US Holiday

Gas Prices Soar Ahead of US Holiday

( – The American Automobile Association (AAA) estimates that more than 37 million people will hit the highways over Memorial Day weekend. That figure represents an increase of 60% over 2020, but almost 6 million less than the year before. Experts expect the number of people on the road may strain gasoline supplies in some parts of the country.

Gas prices are expected to rise to a 7-year high, as a result, this weekend. As of May 28, AAA’s national average price per gallon sits at $3.044. A AAA spokesperson told Newsmax that the gasoline demand “is expected to rise” as Americans begin taking road trips they postponed due to the COVID-19 pandemic.

That surge in highway traffic is driving up the cost of gasoline due to typical supply-side constraints. Additionally, the nation is still recovering from the cyberattack on the Colonial Pipeline earlier this month. Colonial was forced to shut down for nearly a week, creating fuel shortages, particularly on the East Coast.

We’ll keep you updated on any significant change in status regarding fuel cost and availability as additional information becomes available. Have a great holiday weekend!

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