Gas prices heading into Memorial Day weekend have hit a four-year low, offering relief to millions of drivers gearing up for holiday travel. Adjusted for inflation, gas is 14% cheaper than it was a year ago, thanks largely to falling crude oil prices, according to the U.S. Energy Information Administration (EIA).
On Monday, the national average for regular gas was $3.17 per gallon — 11% lower than last year. Normally, prices rise in spring and early summer due to increased demand and the switch to pricier summer fuel blends.
Regional prices followed the same downward trend. On the West Coast, gas averaged $4.29 per gallon, down 10%. Gulf Coast drivers paid around $2.79, down 13%, while East Coast prices dropped 17% to $2.99.
The Midwest and Rocky Mountains also saw declines. Prices were $3.03 and $3.13 per gallon, respectively, down 15% and 12% from last year, according to the EIA.
AAA expects a record-breaking 45.1 million Americans to travel at least 50 miles over the long weekend, with 39.4 million going by car. Lower gas prices could help ease the impact of other rising costs.
Andy Lipow, president of Lipow Oil Associates, said prices should stay between $3.25 and $3.50 per gallon this summer — significantly lower than last year. He credited tariffs, weaker growth expectations, and OPEC+ outlooks for holding prices down.
OPEC+ projects global oil demand will rise by 1.3 million barrels per day in both 2025 and 2026. They’re also considering a major output increase in June, which could push oil prices even lower.
Phil Flynn, senior analyst at the Futures Group, said the production boost signals OPEC may be trying to “keep President Trump happy” as the market flirts with a supply deficit.