Gas prices jumped 12 cents over the past 14 days, and six cents since May 14, landing the national average at $2.93 – the highest price point going into the Memorial Day weekend since 2014, AAA announced this week.
“AAA forecasts nearly 37 million travelers will hit the road for the holiday weekend. Compared to an average of the last three Memorial Day weekends, pump prices are nearly 50 cents more expensive and climbing,” AAA spokeswoman Jeanette Casselano said. “Trends are indicating that this summer is likely to bring the national average to at least $3/gallon.”
Nevada is among nation’s top 10 most expensive markets at $3.32, up 2 cents from a week earlier.
The others on this week’s top 10 list: California ($3.71), Hawaii ($3.68), Washington ($3.41), Alaska ($3.36), Oregon ($3.31), Idaho ($3.16), Utah ($3.14), Connecticut ($3.11) and Pennsylvania ($3.08).
“The West Coast region is home to the states with the highest gas prices in the nation,” AAA said.
In Pahrump as of May 21, gas was selling for between $2.91 and $3.03, a survey by gasbuddy.com showed.
A week earlier in Pahrump, the range was $2.91 to $2.96.
Oil prices edged higher last week following the release of Energy Information Administration’s weekly petroleum report that showed total crude inventories dropped.
If this week’s report shows another inventory draw, “we can expect crude prices to continue climbing,” AAA said.
Also, crude exports last week saw the highest rate on record.
“The surge in exports is attributed to growth in domestic crude production and Congress and the Obama administration lifting the 40-year crude export ban in 2015,” AAA said.
A closer look
Gas price, previous Memorial Day weekends