US national gas price average increased 1 cent to US$3.61 in week ended May 23, and was 5 cents lower month-over-month; gas demand increased from 8.87 to 9.31 million b/d, total domestic gasoline stocks decreased slightly to 226.8 million bbl: AAA

WASHINGTON , May 24, 2024 (press release) –

The national average for a gallon of gasoline wobbled slightly since last Thursday before settling one cent higher at $3.61. The lack of pump price movement is typical in the days leading up to Memorial Day.  However, with AAA forecasting a record 38.4 million drivers hitting the road for the long weekend, the price needle could point a bit higher, at least temporarily.

“Since the pandemic, the summer driving season has not seen a surge in demand, which can push pump prices higher,” said Andrew Gross, AAA spokesperson. “So it will be interesting to see if this year bucks that trend. This week’s move by the Biden Administration to sell off the million-barrel Northeast Gasoline Supply Reserve might help stave off any regional pump price surges, but likely won’t move the national average that much.”

For the complete report, including the latest EIA data and oil market dynamics, please visit: https://gasprices.aaa.com/pump-prices-hit-the-rest-stop-ahead-of-long-holiday-weekend/

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