Higher Memorial Day gasoline prices reflect low inventories amid increasing demand (5/26/2021)

By January 1, 1970Market

Memorial Day weekend serves as the unofficial beginning of the U.S. summer driving season, when increased vehicle travel leads to more demand for gasoline. The American Automobile Association (AAA) expects more than 37 million people to take trips this Memorial Day weekend, traveling 50 miles or more from home between May 27 and May 31. This total marks a 60% increase from 2020, when only 23 million people traveled, the fewest since AAA began recording in 2000. The U.S. average retail price for regular gasoline on May 24, the Monday before the Memorial Day weekend, was $3.02 per gallon (gal), a decrease of 1 cent/gal over the previous week (the highest price since 2014), $1.06/gal higher than in 2020, and 38 cents/gal higher than the 2015-19 average. …Memorial Day weekend serves as the unofficial beginning of the U.S. summer driving season, when increased vehicle travel leads to more demand for gasoline. The American Automobile Association (AAA) expects more than 37 million people to take trips this Memorial Day weekend, traveling 50 miles or more from home between May 27 and May 31. This total marks a 60% increase from 2020, when only 23 million people traveled, the fewest since AAA began recording in 2000. The U.S. average retail price for regular gasoline on May 24, the Monday before the Memorial Day weekend, was $3.02 per gallon (gal), a decrease of 1 cent/gal over the previous week (the highest price since 2014), $1.06/gal higher than in 2020, and 38 cents/gal higher than the 2015-19 average. …EIA: This Week in Petroleum

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