Americans are expected to spend roughly $4.7 billion on gas during the Friday through Monday of Memorial Day weekend, according to GasBuddy, an app and website focused on finding real-time fuel prices.
That breaks down to about $1.18 billion spent on gas each day, give or take $1 million, Patrick De Haan, head of petroleum analysis at GasBuddy, tells CNBC Make It.
GasBuddy predicts the national average price of gasoline will be $2.98 per gallon during Memorial Day weekend, the highest price on record for the May holiday weekend since 2014 when gas hit $3.66 per gallon. (AAA is reporting slightly higher averages at $3.04 per gallon, as of Thursday.)
“Gas prices have been increasing for months due to the continued rise in gasoline demand as a myriad of destinations reopen ahead of the summer driving season. The Colonial Pipeline shutdown only highlighted how much more reliant consumers have become on gasoline since the pandemic hit,” De Haan says.
Gas prices should start to ease up after Memorial Day, but De Haan warns that a rebound may happen and gasoline prices could rise again around the middle of summer.
Read more at CNBC.
{Matzav.com}
“Americans are expected to spend roughly $4.7 billion on gas during the Friday through Monday of Memorial Day weekend”
However, Americans will likely spend more than $4.7 billion right after Memorial Day Weekend to combat gas, via Mylanta pills and other medicines etc., due to a massive consumption of hot dogs, mustard, hamburgers and onions. So, altogether, Americans could end up spending more than $9 billion on gas.