U.S. Gas Prices Dip After Long Holiday

AAA Gas Prices Moving Lower
Photo Courtesy UPI

U.S. Gas Prices Dip After Long Holiday

Photo Courtesy UPI
Photo Courtesy UPI

WASHINGTON, May 26 (UPI) — The average retail price for a gallon of regular unleaded gasoline dropped off slightly Tuesday as U.S. travelers returned home after the busy holiday weekend.

Motor club AAA reports a national average price for a gallon of gasoline at just under $2.74, representing a decline of about one third of one percent from Memorial Day. In the run up to the long holiday weekend, AAA reported a gas price increase of around 2 percent.

The national average price one month ago was about $2.53 per gallon. Prices increased 3 percent from May 4 to May 18, about six tenths of a percent less than during the same period last year when gasoline prices ended the second week of May at $3.67 per gallon.

U.S. travelers paid an average $3.55 per gallon ahead of the holiday weekend last year. Prices increased another eight tenths of a percent, or 2 cents, by the end of May 2014.

More than half of all U.S. states reported an average price below the $2 per gallon mark in late 2014. AAA attributed the general increase in prices to a recovery in the crude oil market, refinery issues and the switch to a summer blend of gasoline, which is more expensive to produce because of additional environmental safeguards.

In a short-term market report for May, the U.S. Energy Information Administration said it expected the national average price for full-year 2015 to level out at around $2.43 per gallon. The full-year 2014 average was $3.36 per gallon.

AAA said it expected Memorial Day road traffic would be the highest in 10 years and up 5.3 percent from last year.


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