Memorial Day: Gas Prices Down From April’s Price Peak

Drivers for the Memorial Day holiday weekend, when the summer driving for the majority of U.S. drivers begins, enjoyed lower gas prices than they expected when the spring season started, according to CNN.

Gas prices were lower than this year’s peak, that was set in April this year; however, they are still higher than they usually are at the beginning of most summer seasons, CNN said.

The average price per gallon in America for unleaded gasoline is $3.645, down 16 cents from 2011, and 29 cents from April’s peak, according to data from the AAA.

While in Georgia on the holiday weekend the average price for a gallon of regular gas is $3.394.

However, these numbers still equate to be the third-highest gas prices ever recorded for the Memorial Day holiday weekend, following behind 2011, and 2008, according to the CNN report.

The AAA also reported that around 30.7 million Americans travel over 50 miles, or 80 kilometers for Memorial Day road trips, while the number of travelers grows to 34.8 million, when planes, trains and other transportation means are also taken into account.

Over the holiday weekend drivers will use around 1.2 billion gallons of gas and will be spending $144 million less than they did last year.

John Larson, the vice president of IHS Global Insight said that he thinks now that gas prices have gone down, travelers may take longer road trips or spend more money on entertainment with their savings, because now they have more money in their pockets.

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Posted by on May 28 2012. Filed under Finance. You can follow any responses to this entry through the RSS 2.0. Responses are currently closed, but you can trackback from your own site.

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