Gas prices to hit 7-year high on Memorial Day weekend

Motorists traveling during the Memorial Day Weekend might find gas prices higher than they have been over the last few years.

According to the American Automobile Association, motorists could see the cost of a gallon of gasoline soar to records not seen since 2014. The cost for a gallon of regular gasoline reached $3.04 on the national level; in Nevada, that average reached $3.617, AAA stated.

“AAA expects 37 million Americans to travel, mostly by car and plane, for the Memorial Day holiday weekend. That is a 60% increase over last year’s holiday and a strong indication that summer travel is going to be largely popular,” said Jeanette McGee, AAA spokesperson, in a Monday release. “With the increase in travel demand, gas prices are going to be expensive no matter where you fill up, so plan ahead. The AAA app can help to find the best price.”

According to AAA, the national average for gasoline prices has stabilized following the Colonial Pipeline cyberattack, but motorists could see pump prices fluctuate leading up to the holiday weekend.

Over the prior weekend, the national gas price average declined a penny to $3.03, which was the first decrease in the two weeks preceding that time, AAA stated on Monday. The price for a regular gallon of gasoline remained fairly unchanged on Thursday at $3.04 a gallon.

Prices have risen over the past month, in comparison to Thursday’s stats, however. The cost of a gallon of regular gasoline a month prior to Thursday was $2.88 for the national side and $3.46 in Nevada (equating to a 15 cent rise in the state.

Going back to a year earlier, the cost of gasoline was $1.96 on the national side and $2.42 in Nevada, a rise of roughly $1.19 cents in the state and $1.04 on the national side.

California saw the third highest price rise in the nation on Monday with a jump of 3 cents; similar increases were seen in Oregon and Colorado.

Possible shortages?

The Colonial Pipeline is back in operation and deliveries are in progress, but some stations in the southeast part of the U.S. could see some supply strain, AAA states. AAA stated that the issue could continue into the holiday week, but motorists should be able to get gasoline.

“Holiday road trippers may come across some gas stations with low fuel supply in popular travel destinations, like beaches, mountains or national parks. However, markets are not expected to be fuel-less, like we saw in the wake of the pipeline shutdown,” McGee said.

For information on gas prices along a planned route, motorists can plan ahead with AAA’s mobile app, according to AAA.