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Gas Prices Hit 2016 Highs Heading into Memorial Day

05/23/16
Fuel

Gas prices are at their highest point for the year as we approach the Memorial Day holiday, and the national average has increased for 12 days in a row. Today’s average of $2.28 per gallon is up six cents per gallon on the week and 15 cents per gallon on the month. Despite this increase, drivers remain on target to pay the lowest prices for the Memorial Day holiday since 2005. AAA projects more than 38 million Americans will travel this Memorial Day weekend, which is an increase of 700,000 compared to a year ago. That is the second-highest Memorial Day travel volume on record and the most since 2005. Nearly 34 million (89 percent) holiday travelers will drive to their Memorial Day destinations, an increase of 2.1 percent over last year.

Locally, South Jersey motorists are paying an average of $2.08 for a gallon of regular unleaded gas. This is an increase of 5 cents in the past week ($2.03), and 14 cents in the past month ($1.94). However, it is still 40 cents less per gallon than this time last year ($2.48).

Quick Stats

  • The nation’s top five most expensive markets are: California ($2.80), Hawaii ($2.66), Washington ($2.59), Alaska ($2.58) and Nevada ($2.49).
  • The nation’s top five least expensive markets are: Mississippi ($2.05), South Carolina ($2.06), Arkansas ($2.06), Texas ($2.07) and Missouri ($2.07).
  • For the first time since August 2015, drivers in every state and Washington, D.C. are paying averages above $2 per gallon.

East Coast

One of the largest refineries on the East Coast, the Philadelphia Energy Solutions refinery complex, experienced a fire Friday afternoon. The extent of the damage is still being assessed, and regardless of any downtime associated with this incident, prices in the region are expected to remain relatively steady due to the abundant supply of gasoline and inventories in the New York Harbor region.

Oil Market Dynamics

Global crude oil prices recently moved higher due to unexpected declines in oil production in various parts of the world, such as Canada and Nigeria. This rally was short lived and the market once again reflected a bearish sentiment following reports of a strengthening U.S. dollar and questionable global demand. The United States’ role as swing producer is also garnering attention, with domestic production falling to its lowest levels since September 2014. Market watchers are paying close attention to how domestic producers are responding to changes in the global price of crude and the impact of their actions on the global oil prices.  At the close of Friday’s formal trading session on the NYMEX, WTI closed out the week down 41 cents to settle at $47.75 per barrel.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.