economy
Americans may spend $2B more on gas over Memorial Day as prices still surge
Surging prices at the pump are not expected to deter Americans from traveling to celebrate Memorial Day, despite there being more than a dozen states projected to see record-high gasoline prices this weekend.
TL;DR
- Gasoline prices have surged over $2 a gallon since February, with the national average above $4.55 on Friday.
- AAA reported the national average for regular gasoline hit $4.56 on Thursday, the highest in four years.
- At least 16 states are expected to see record-high Memorial Day gas prices this weekend.
- Drivers are projected to spend billions of dollars more on gasoline in the last three months due to the rapid increase in prices.
- The prolonged closure of the Strait of Hormuz is contributing to elevated pump prices.