Your jaunt to the beach on Memorial Day will cost you.
The current national average for regular gas is $4.51, the highest it's been since 2022, when Russia launched its full-scale invasion of Ukraine, causing a spike in oil prices.
The current price of gas is 4 cents higher than a month ago and $1.32 higher than the same time last year. As of Sunday, California has the highest average at $6.11, while Indiana has the lowest at $3.93.
Memorial Day marks the unofficial start of summer, and millions of Americans will travel to cookouts, parties, and vacation destinations to celebrate. AAA projects almost 40 million people will drive at least 50 miles from home between Thursday and Monday.
That'll now cost over $200 in most states.
"Travel demand remains strong, and despite higher fuel prices, many people are prioritizing leisure travel during holiday breaks," Stacey Barber, vice president of AAA Travel, said in a statement.
This summer's escalating prices are largely due to the US and Israel's war on Iran. Iran all but closed the Strait of Hormuz — a waterway through which around 20% of the world's oil supply and liquefied natural gas pass through — following those initial attacks. As a result, oil and gas prices have spiked worldwide, forcing some countries to enact energy-saving measures.
President Donald Trump said on Saturday that a deal between the US and Iran to reopen the Strait of Hormuz is "largely negotiated."
"Final aspects and details of the Deal are currently being discussed, and will be announced shortly," Trump wrote in a Truth Social post. "In addition to many other elements of the Agreement, the Strait of Hormuz will be opened."
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Lauren Edmonds is an award-winning reporter on the Business News team. When news isn't breaking, she covers personal finance, kitchen-table economics, and paths to financial freedom, including investing, real estate, side hustles, and small business. She also writes about guaranteed and universal basic income programs in the United States.Lauren has also covered lifestyle and entertainment, digital culture, and more. She has a master's degree from the Columbia University Graduate School of Journalism and resides in New York City.Do you have an interesting story to tell? You can reach Lauren at [email protected] or on Signal at ledmonds0.07.Popular StoriesNetflix wants to be Disney when it grows up Why Hollywood is paying this 17-year-old up to $20,000 to boost film trailers with TikTok editsHere's all the free money Trump's talked about giving Americans during his second term — and where it all standsA 17-year-old earned $72,000 after investing his e-commerce profits into stocks. Here's why he bet on the tech industry.Lawmakers float a nationwide basic income experiment that would cover the cost of a 2-bedroom apartmentNearly 30,000 Americans have received about $335 million in basic income. Here are 5 takeaways. Americans ditch suffocating healthcare costs and divisive politics to retire in Italy: 'It's the way they approach life'From 'road-schooling' to gas that costs $500, this family of 4 shares what it's like living in a solar-powered Greyhound bus
