Memorial Day 2018 is on May 28 and some Americans will be traveling to enjoy the long weekend since Monday is an official holiday for all Americans. It is an important weekend for Americans since many will commemorate fallen soldiers that served their country to give Americans the freedom that they cherish and take pride off. In addition, some Americans also look at this weekend as the beginning to the summer season.
With more than 40 million travellers this weekend, gasoline companies have raised their prices to the increased demand. Reports by Fortune and the website Whio.com provided most of the information used in this article.
National gas price average
At the current moment, the average gas price across all of America is $2.94 for a gallon of regular gasoline. The highest gas price is in the state of California at $3.71, while the lowest is in Mississippi with $2.62. In other words, the more lenient the state is with taxation, the less you will pay for gas; hence, the southern states have the lowest prices for gas, with Mississippi being the lowest.
High demand will always lead to higher prices
With the recent tax cuts by the Trump Administration, some Americans are enjoying more money in their pockets. It is a universal fact in economics that an increased demand will always increase prices. Some are saying that Trump scraping the Iran nuclear deal has raised the price of gas, but that is unlikely. Much of American oil is produced domestically or imported from Canada. Iranian oil is irrelevant. Recent numbers indicate that Iran produces about 4.5 million barrels of oil a day, and it exports 2.5 million of it. Much of Iran's exported oil goes to its allies, such as China being a huge consumer of Iranian oil. The United States crushes the Iranians in oil production.
America produces about 10.5 million barrels a day to fuel the high demand of its consumers.
Tips for travelers
The worst times to Travel, according to AAA and INRIX, will be on Thursday, May 24 and Friday, May 25. Drivers should avoid driving during peak commute times, especially in major cities. It is best to travel in the late morning or early afternoon. In addition, families can plan alternate routes, such as travelling by train or air. AAA notes that airline prices are down seven percent since last Memorial Day. Travelers that are looking for hotels will be in joy since many hotel prices have decreased as well. All the required information for travelers can be found on AAA's Facebook page.