Memorial Day Gas Prices at Six-Year Low

By EnergyFOXBusiness

Americans are getting a break at the pump for Memorial Day weekend, even as gasoline prices continue to gain ground.

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The Energy Information Administration said Friday the unofficial start of summer will feature the cheapest gas since 2009. As of May 18, the national average was $2.74 a gallon, 92 cents lower than the same time last year.

According to AAA’s Daily Fuel Gauge, gas prices across the country Friday remained just under $2.74 on average.

South Carolina drivers are enjoying the cheapest gas at just under $2.43 a gallon. Mississippi, Oklahoma, Louisiana and Arkansas round out the top five.

The West Coast has fared the worst, particularly in California where a gallon of gas costs an average of $3.81. Nevada, Hawaii, Alaska, Oregon and Washington also sit among the most expensive markets.

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While consumers will see big Memorial Day savings compared to 2014, gas prices have climbed higher since closing in on $2 a gallon in January. The current national average is up nearly 26 cents compared to a month ago.

U.S. crude oil, which tumbled below $45 a barrel early this year, reversed course as concerns over a supply glut eased. April marked oil’s best monthly gain in six years, and Nymex WTI oil futures were hovering around $60 Friday.

Goldman Sachs believes oil could return to $45 by October, analysts at the investment bank wrote in a note to clients this week.

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