Traveling over Memorial Day will be expensive for Americans due to rising gasoline prices. The American Automobile Association (AAA) reports that the national average gas price on Monday reached $4.507 per gallon. This represents a slight decrease from the previous day and week when prices averaged $4.515 per gallon. Yet, it marks an increase of around $1.50 since late February, following joint U.S. and Israeli strikes on Iran, spurring ongoing Middle East tensions.
California drivers face the highest costs, with an average of $6.12 per gallon. It’s the only state where prices exceed $6. However, Hawaii and Washington are nearing these levels at $5.64 and $5.77, respectively. Since the onset of the Iran conflict on February 28, all states have seen gas price increases. In Mississippi, where gas is currently cheapest, prices rose from $3.69 last month to $3.97 per gallon—a significant jump from $2.65 a year ago.
Impact on American Drivers
The conflict in Iran has disrupted oil production and supply, notably impacting the Strait of Hormuz. As a result, global crude prices and gas costs have risen, reversing the downward price trend celebrated by the Trump administration in January.
Patrick De Haan from GasBuddy noted that prices were expected to range between $2.99 and $3.23 per gallon by now. However, following the strike on Iran, the national average surged to $4.547 per gallon. De Haan emphasized that prices will remain high until the Strait of Hormuz reopens.
Increased gas costs have hit American consumers hard. GasBuddy estimates that drivers will spend an additional $2 billion on gasoline over the Memorial Day weekend, about $22 million more each hour compared to last year. AAA projected that 45 million Americans planned trips at least 50 miles from home during the weekend. Among those, 39.1 million would travel by car. Last year’s national average on Memorial Day was $3.17 per gallon.
Price hikes have pressured the Trump administration, impacting the president’s approval rating, which stands at 35 percent according to a Reuters/Ipsos poll.
Possible Relief Ahead
Despite high prices, costs slightly dropped on Monday nationwide. This change correlates with optimism about a potential U.S.-Iran deal that might reopen the Strait of Hormuz, as per a senior U.S. official’s report to Reuters.
Details and timelines remain unclear, but Trump mentioned on Truth Social that while the deal isn’t finalized, he aims for a “good and proper” agreement. De Haan cautioned until a signed agreement results in increased Strait traffic, gas prices will stay above $4 per gallon.
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