There will be some relief at the gas pump after all this weekend as drivers are set to hit the road for the Memorial Day weekend holiday.
AAA says average gas prices in Florida will drop to $3.64 per gallon this weekend. That’s a penny less than the national average, and 12 cents lower than what it was just a month ago. However, that is more than what motorists were paying last year when Memorial Day came in with average gas prices at $3.47 per gallon.
The latest drop comes as crude oil supplies continue to force gas prices lower. However, demand for gas is at its highest level since 2009, according to the Energy Information Administration.
More than 31.8 million Americans will fill their gas tanks and take a trip of 50 miles or more over the holiday weekend, AAA said. The national average for gas is down 1 cent from the previous week, while Florida saw a 3-cent drop — ahead of just 2-cent drops in Georgia and Tennessee.
“AAA has forecast gas prices to be at or near last year’s levels during the Memorial Day holiday weekend,” said Mark Jenkins, spokesman for AAA, in a release. “However, the margins of decline have been modest in the past week, and prices could be slightly higher than a year ago. Even still, gas prices at these levels are not enough to keep people from traveling during the holiday.”
Gasoline prices have dropped since the beginning of May, which is typical for this time of year, AAA said. May 1 is the deadline for refineries to start making its summer-blend fuel, and now that the transition is complete, gas prices have likely reached their peak for the spring.