Hitting the road this Memorial Day weekend is expected to be expensive for the more than 39 million people who will be on the move.
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The average price for a gallon of gasoline in the US rose to a record on Sunday at $4.61, according to the latest numbers from AAA. The price had hovered around $4.60 most of the past week, but crossed the line Sunday morning.
The price of diesel slipped slightly in the past week and was at $5,529 this weekend.
RECORD HIGH PRICES THREATEN MEMORIAL DAY PLANS
Drivers were paying $3.04 for a gallon of gas on average a year ago at this time.
Analysts have cited elevated crude prices and increased seasonal demand as two key factors in the price surge.
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US crude oil prices were relatively stable in the post week, but are up nearly 60% in 2022.
GasBuddy’s survey found that Memorial Day weekend will be the most popular travel weekend of the summer, but respondents still expressed concerns about the an inflation rate that’s hit a 40-year high.
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A stunning 70% of those surveyed said their summer travel plans have been affected by the historic gas prices, up nearly three times from a year ago.