Americans are expected to spend roughly $4.7 billion on gas during the Friday through Monday of Memorial Day weekend, according to GasBuddy, an app and website focused on finding real-time fuel prices.
That breaks down to about $1.18 billion spent on gas each day, give or take $1 million, Patrick De Haan, head of petroleum analysis at GasBuddy, tells CNBC Make It.
GasBuddy predicts the national average price of gasoline will be $2.98 per gallon during Memorial Day weekend, the highest price on record for the May holiday weekend since 2014 when gas hit $3.66 per gallon. (AAA is reporting slightly higher averages at $3.04 per gallon, as of Thursday.)
“Gas prices have been increasing for months due to the continued rise in gasoline demand as a myriad of destinations reopen ahead of the summer driving season. The Colonial Pipeline shutdown only highlighted how much more reliant consumers have become on gasoline since the pandemic hit,” De Haan says.
Gas prices should start to ease up after Memorial Day, but De Haan warns that a rebound may happen and gasoline prices could rise again around the middle of summer.
If you are planning a road trip this summer, here are a few tips to help you save at the pump.
The average summer road trip is 568 miles round trip, according to the Bureau of Transportation Statistics. Assuming you have a car with an average 12-gallon gas tank, you’d be saving over $20 if you shave off just 5 cents per fill-up.
You should also be aware that fuel prices can fluctuate by location. AAA recommends getting gas before you arrive at your destination because many popular beach and vacation locations tend to have more expensive gas prices.
Being a zen driver can not only reduce your stress, but it may also help you save on gas. That’s because driving aggressively with lots of lane-changing, braking and rapid acceleration can increase fuel consumption by 30% on the highway.
Driving over 50 miles per hour can also have an impact because it increases the vehicle’s wind resistance. For every five miles per hour you drive over 50, you’re likely paying an additional $0.21 for gas.