Gas prices expected to rise slightly as Memorial Day nears

Published: May. 22, 2023 at 6:00 AM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

MYRTLE BEACH, S.C. (WMBF) - Gas prices in the Grand Strand are up more than 8 cents over the past week, averaging $3.13 on Monday, according to GasBuddy.

Prices in Myrtle Beach are 21.8 cents per gallon lower than a month ago and $1.13 lower than a year ago.

The lowest price in the state as of Sunday was $2.83. The highest was $3.99.

The national average price of gasoline is unchanged in the last week, averaging $3.51.

“In the run-up to Memorial Day, the national average price of gas has seen little overall movement over the last week. We’ve seen more states see prices climb than fall, which has been driven by oil’s volatility as debt ceiling discussions are ongoing. I think we’ll see prices rise slightly as we get closer to Memorial Day, especially if there are positive developments in the debt ceiling discussions in D.C., while pessimism could drive prices slightly lower,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

The national average is down 14.7 cents from a month ago and stands $1.06 lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

“I continue to be optimistic that the national average will remain under $4 per gallon for most of, if not the entire summer, with Americans spending a combined $1.6 billion less on gasoline over Memorial Day weekend this year compared to last.”

The national average price of diesel has fallen 3.2 cents in the last week, standing at $3.94 per gallon.