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Ahead of the long Memorial Day Weekend — an indicator of summer travel to come — US gas prices (RB=F) are riding a downtrend, with GasBuddy analysts expecting prices to come down to $3.08 this holiday weekend.
Yahoo Finance senior industry reporter Ines Ferré breaks down gas pricing forecasts ahead of the holiday weekend.
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Americans are going to be hitting the road this weekend for Memorial Day, and we're tracking how much they are going to be paying for these gasoline prices. So we're looking at Triple A right now, that's at $300, $3.18 per gallon for gasoline. A week ago, it was about the same. A month ago, a little bit less. So we've seen a little bit of an uptake. But look, the trends are going down when it comes to gasoline. In fact, you've got GasBuddy that's saying that this Memorial Day weekend, you are going to be paying the lowest price for gasoline since 2021. So we have been seeing declining year-over-year gasoline prices, and you also are seeing that Americans are going to be traveling more this summer. You've got AAA that's saying that around 70% of Americans are going to be taking a summer vacations. They're going to be traveling, and part of this has to do with road trips. They are going to be taking more road trips. The green is the driving. So you can see middle income, high income, and low income. And as you can expect, the lower income households are going to be driving more this summer, guys.
All right, sounds like I'm asking my parents to borrow the good car this summer. And Nez, thanks so much.
Thank you.