Memorial Day weekend opens at $4.56 a gallon — and GasBuddy sees $4.80 by September
Americans still planning to travel this weekend, one way or another
By the time Americans pulled into gas stations Wednesday for the Memorial Day getaway, AAA’s national average sat at $4.56 a gallon — more than $1.40 above a year earlier and more than 50 percent above where prices stood before the late-February U.S. and Israeli strikes on Iran, CBS News reported.
GasBuddy now forecasts an average of $4.80 a gallon for the stretch between Memorial Day and Labor Day, with the all-time high of $5.02 in play if the Strait of Hormuz remains closed deep into summer.
“This is the most volatile summer at the pump in years,” GasBuddy’s Patrick De Haan said in the same forecast. “Americans are going to pay billions more to get where they’re going this summer, and even after the strait reopens, it could take a year or more for prices to fully recover.”
More than half of Americans now describe gas prices as a financial hardship in CBS’s most recent poll, and 77 percent say their income is not keeping up with inflation.
The driving still has not stopped. The Transportation Security Administration is staffing up for what is expected to be one of its busiest weekends of the year, with travel volumes climbing despite the price shock — a pattern motorists, airlines and the Fed are all watching closely.
Higher fuel costs, summer-blend refining add-ons of up to 15 cents a gallon and stronger seasonal demand will layer on top of any further crude moves.
Time to spare, go by air
Air travel this Memorial Day weekend looks busy but manageable: AAA projects about 3.66 million people will fly domestically, which is a slight increase from last year and part of a record holiday travel period overall. The busiest days are expected to be Thursday and Friday, and FAA forecasts are pointing to near-record or record flight levels, with Thursday’s peak around 54,000 flights.
What to expect
Crowded airports and fuller flights are likely, especially at major leisure destinations like Orlando.
The average round-trip domestic airfare is projected around $800, about 6% lower than last year, although costs remain elevated overall, Yahoo reports.
TSA and airline data suggest heavy passenger volumes across the holiday window, so security lines and boarding delays are more likely than usual.
Delay risk
Weather and air-traffic-system constraints are the main reasons delays could build, especially at the busiest airports and on peak travel days. Recent reporting also notes that the air-traffic system is under strain, which could make disruptions more noticeable even if flights remain safe.
Practical takeaway
If you’re flying, the best strategy is to avoid Thursday and Friday departures if you can, arrive earlier than usual, and expect longer waits at security and at the gate.