Usually Memorial Day means higher gas costs but this year, pump costs have steadily been decreasing and are expected to continue to do so further by midsummer.
The average price nationwide for a gallon of gas has decreased every day since peaking May 6 and was at $2.76 a gallon on Wednesday, according to AAA’s Daily Fuel Gauge Report. Prices are predicted to go as low as $2.50 by July, industry experts say.
AAA also predicts a 5.4% increase in summer travel, the first increase since a worried economy began slowing down on vacations and other discretionary travel in 2005.
“This could be the summer of driving – the perfect summer where we drive more and pay less,” Phil Flynn, energy analyst at PFGBest Trading said. “It doesn’t get any better than that.”
With the increase in travel and now the price decrease in gasoline, travelers may find themselves with more plans of road trips and less worries about filling up the tank.