Gasoline hits record high during Memorial Day weekend

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Forbes Media chairman Steve Forbes and Fox News contributor Liz Peek discuss President Biden’s energy policies as rising prices hit American pocketbooks on ‘Fox Business Tonight.’

Hitting the road this Memorial Day weekend is expected to be expensive for the more than 39 million people who will be on the move.

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The average price for a gallon of gasoline in the U.S. rose to a record on Sunday at $4.61, according to the latest numbers from AAA. The price had hovered around $4.60 most of the past week, but crossed the line Sunday morning.

Gas Prices May 29, 2022

The price of diesel slipped slightly in the past week and was at $5.529 this weekend.

RECORD HIGH PRICES THREATEN MEMORIAL DAY PLANS

Drivers were paying $3.04 for a gallon of gas on average a year ago at this time.

Petrol pump filling nozzles. Fuel at gas station close up (iStock / iStock)

Analysts have cited elevated crude prices and increased seasonal demand as two key factors in the price surge.

MEMORIAL DAY WEEKEND: TIPS FOR DRIVERS AND FLIERS

U.S. crude oil prices were relatively stable in the post week, but are up nearly 60% in 2022.

GasBuddy’s survey found that Memorial Day weekend will be the most popular travel weekend of the summer, but respondents still expressed concerns about the an inflation rate that's hit a 40-year high

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A stunning 70% of those surveyed said their summer travel plans have been affected by the historic gas prices, up nearly three times from a year ago. 

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