Memorial Day gas prices forecast to be cheapest in 4 years

• Mississippi’s average gallon of gas of as Friday morning is $2.662, well below the U.S. average of $3.196.

Memorial Day marks the unofficial start of summer, and with summer comes increased travel as families make their way to the beach, the mountains or points in between for a bit of rest and relaxation.

The good news for travelers is that gas prices are nearing their lowest level since 2021, industry groups report.

GasBuddy, which reports on fuel costs, said this week that forecasts show that the national average price of gasoline will be $3.08 per gallon on Memorial Day, making it the cheapest Memorial Day at the pump since 2021, but the lowest inflation adjusted price since 2003 which excludes 2020 as it was heavily influenced by the COVID pandemic.

“Prices are forecast to average $3.02 per gallon over the summer from Memorial Day through Labor Day, with a sub-$3 per gallon national average possible on some days, especially toward the latter half of the summer,” GasBuddy reported.

GasBuddy attributes the decrease in gas prices to lower crude oil costs amid an increase in oil production from OPEC+, the potential for a nuclear deal with Iran, and some economic uncertainty.

“As summer progresses and refinery maintenance concludes, the national average price of gasoline could fall below $3 per gallon at times this summer,” the report continued.

An estimated 69 percent of Americans plan to take a road trip this summer, slightly lower than the 76 percent of GasBuddy’s survey respondents who planned to travel last summer. 

Here in Mississippi, GasBuddy reports that the cheapest gallon of gas in the state is at the Circle K in Pontotoc for $1.97.

AAA reports that Mississippi’s average gallon of gas of as Friday morning is $2.662, well below the U.S. average of $3.196. The highest average price is $2.999 in Claiborne County while the cheapest average is in Simpson County at $2.503.

Overall, AAA reports that average gas prices are down 40 cents since last year in the Magnolia State.

For comparison, the highest average gas price reported by AAA in the U.S. is in California at $4.864.