Mississippi led the nation as the state with the biggest drop in average gas price since last year.
The Memorial Day weekend often marks the start of summer, especially in the South, as temperatures and gas prices seemingly rise hand in hand. But there is good news at the pump for Magnolia State travelers heading into summer 2023, at least for now.
According to AAA as reported by U.S. News & World Report, as of May 24th, the average price for a gallon of regular gasoline in Mississippi was the lowest in the nation at $2.99. The highest per gallon average price was in California with $4.81.
AAA reported that the current national average for gasoline is $3.56 per gallon.
The report from AAA also pointed out all 50 states saw gas prices drop in the last year. Mississippi led the nation in percentage decrease with a 28.5% decline. The average price per gallon in Mississippi fell from $4.180 per gallon a year ago to $2.990 per gallon as of May 24, 2023.
On Thursday, AAA forecasted that Memorial Day road trips will be up 6% over last year, with more than 37 million Americans driving to their destinations.
“The rise in demand for gasoline is helping to push pump prices higher for now,” said Andrew Gross, AAA spokesperson. “But the increase is mitigated by the low cost of oil, which is wobbling around in the low $70s per barrel. Pump prices could stabilize or fall once this long weekend is in the rearview mirror.”
If gas demand grows amid tighter supplies, drivers will likely see pump prices rise.
AAA went on to report that oil prices rose Wednesday amid growing market optimism that energy demand is rebounding.
“However, price increases were capped due to the market also expecting another interest rate increase from the U.S. Federal Reserve, which could result in the economy tipping into a recession. If the economy enters a recession, oil demand and prices would likely decline,” AAA noted in their May 25th report.
Frank Corder
