Gas set to reach cheapest price in 4 years in time for Memorial Day
(CNN) - Gas is set to be the cheapest it’s been in years as nearly 40 million Americans are expected to hit the road for Memorial Day.
The national average price of a gallon of gas is expected to be $3.08 on Memorial Day, according to projections released Tuesday by Gas Buddy. That’s the lowest price at this time of year since 2021.
If you consider inflation, it’s the cheapest gas has been since 2003, excluding the COVID-19 pandemic.
The Associated Press reports that renting a vehicle and staying in a hotel also may cost less, according to the most recent Consumer Price Index.
Oil prices in the United States have plunged about 20% since President Donald Trump’s second term began. Analysts say that drop has been driven in part by Saudi Arabia and OPEC’s sharp production increases, moves that Trump called for days after taking office.
Energy prices have also been muted over concerns that Trump’s tariffs will damage the U.S. and world economies.
Copyright 2025 CNN Newsource. All rights reserved. Gray News contributed to this report.
