Memorial Day gasoline prices were the lowest since 2005, resulting in the most travelers on the holiday since that year, AAA said.
The average price for a gallon of gasoline was $2.32 nationwide, $2.25 in Florida, $2.27 in Georgia, and $2.16 in Tennessee.
“Pump prices increased through the weekend, but not by enough to deter holiday travelers from taking a road trip,” said AAA spokesman Mark Jenkins. “Prices remained at levels not seen since 2005, leading to the most Memorial Day road-trippers since the same year. On average, drivers are saving $20 for a full tank of gas compared to this time two years ago when gas exceeded $3.60.”
Tuesday, Palm Beach County’s average for a gallon of regular was $2.39, up a penny from a week ago.
Florida’s average stood at $2.25, up from $2.21 a week ago, according to AAA’s Fuel Gauge report.
Gas prices are encouraging Americans to drive more than ever before. Gasoline demand in April was the highest on record. This high demand and the rising price of crude are putting upward pressure on the price of gasoline.
Crude oil prices are at 10-month highs. The U.S. benchmark (WTI) averaged $48.94 last week – $1.91 more than the week before, and the highest weekly average since July 24, 2015 ($49.26). Since hitting this year’s low of $26.19 in February, the price of oil rose 89 percent, settling at $49.48 on Thursday.