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Experts predict average gas prices nationwide to hit $4.65 during Memorial Day weekend

Published: May. 19, 2022 at 7:09 AM EDT
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BOSTON (WMBF) – Despite the record-high gas prices across the country, more Americans intend to hit the road for their summer vacations, according to GasBuddy.

The company released the results of its annual summer travel survey and found that 58% of Americans are expected to drive to their travel destinations. It’s a rise from last summer when gas prices were nearly $1.50 per gallon lower.

Meanwhile, GasBuddy reports that about 38% of Americans haven’t confirmed their summer trip plans yet because of the high inflation.

RELATED COVERAGE | For the first time ever, average gas prices are above $4 in all 50 states, AAA says

“Against a backdrop of gas prices that have continued to set new records ahead of Memorial Day, Americans have been resilient in their desire to hit the road, but we’re certainly seeing increased hesitancy due to rising prices at the pump. Soaring inflation has led to uncertainty over rising costs,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “The Covid factor is still present, but has been dwarfed this year by Americans’ concern over high gas prices and dwindling affordable travel options to make use of the best months of the year.”

GasBuddy predicts that gas prices on Memorial Day weekend will be about $4.65 per gallon, which is a 51% increase from last year. The company also expects the average price from Memorial Day to Labor Day to be $4.40 per gallon, but significant events could raise or lower the outcome.

The average price for a gallon of gas in South Carolina is $4.29 which is up three cents from Wednesday. In the Myrtle Beach area, gas prices went up five cents from Wednesday and the average is now at $4.29 a gallon. In the Florence area, prices shot up 24 cents from Wednesday and now stand at $4.39 a gallon.

Here are money-saving tips from GasBuddy:

  • Change the way you drive. Most vehicles today achieve optimal fuel economy around 55 mph. By anticipating the traffic and applying slow steady acceleration and braking, fuel economy may increase by as much as 25%, saving the equivalent of 50 cents to $1 per gallon.
  • Shop around online and off to find the best price per gallon.
  • Sign up for gas rewards and other loyalty programs through retailers to take advantage of discounts available. Also review your credit card benefits, many offer cashback for gas purchases.

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