A Look Ahead to Memorial Day

It is no secret that with Memorial Day comes one of the busiest travel seasons of the year. This year, Americans will experience a Memorial Day unlike any in recent memory as their travel will collide with gas prices that continue to rise. Today’s FUELSNews will give you a look into what Americans can expect to see at the pump this Memorial Day.

For the past two weeks, oil prices have been rising steadily. When some relief does appear in the form of lower prices, it seemingly does not last long enough. Today crude prices are hovering around the $111.17 mark, much higher than two weeks ago. The national price of gasoline, according to AAA, is sitting at around $4.600. This number is up almost 42 cents from March when the national average record was broken with a price of $4.17. Despite historic prices, due to people wanting to get back out, expect to see busy interstates and tourist cities this Memorial Day. With more and more people leaving their homes for some sort of short vacation, demand will be increased which means supply must act quickly. According to new data, across all methods of transportation (cars, trucks, tankers, etc.), there will be an 8% increase in travel this weekend compared to its 2021 counterpart.

With 37.9 million Americans set to hit the road in just a few days, record-high gas prices aren’t stopping people from continuing on with their lives. Like every year, experts have a list of tips that can help you out when traveling this year. You can find one such article here. Prices have been shaken up throughout the past few weeks due to Russian oil embargos, decreased demand from Chinese lockdowns, and much more. The good news is that this week’s prices have shown some signs of leveling off, but whether or not this trend is here to stay is still unknown.

 

 

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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