Memorial Day Feel Pain at Pump as Gas Prices Soar


According to AAA, average gas prices jumped 12 cents in the past two weeks. Prices at the pump historically spike a good amount leading up to the three-day weekend, however, this increase is significant enough to catch many consumers off guard. Those prices reportedly began to climb back up after crashing in 2015 thanks to the Organization of the Petroleum Exporting Countries (OPEC) oil cartel teaming with Russian Federation to slash production prices.

The highest pump prices can be found in Mackinaw City. And he said if the demand for gas winds down "it's likely the high water mark of $3 won't be hit". While this is the busiest year for travelers, it's also the highest gas prices have been on a Memorial Day weekend since 2014.

"The price of gas has nothing to do with our plans", said Grubb, while at the Deschutes River with family. The average cost in the Los Angeles area is $3.76 per gallon - 69 cents higher than at the same time in 2017.

The price for Brent crude oil, the global benchmark for the price of oil and the index most closely related to US consumer gasoline prices, was down more than 2 percent in early Friday trading. And if prices continue to rise, more expensive gasoline could offset some of the tax cut benefits President Donald Trump signed into law in December.

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McTeague said he can not recall that high a percentage of people surveyed saying they are not vacationing. The first is demand, given that the number of expected traveling Americans jumped up by 2 million compared to a year ago and is the highest since 2005 for a Memorial Day weekend.

"AAA forecasts almost 37 million travelers will hit the road for the holiday weekend".

An estimated 7.8 million passengers are expected to pass through the airport this summer travel season.

Airline industry expert Michael Boyd, who was the keynote speaker at a State of the Airport event there earlier this week, said fuel prices have not had any major industry impacts so far.

The sharpest price hikes have hit the Midwest.

"We may be a bit immune to it because our tours are competitively priced and we offer an iconic experience", Mercer said.

The number of people traveling this Memorial Day weekend is expected to be the highest in over a decade.