Rising crude oil prices are contributing to higher gasoline prices heading into Memorial Day weekend (5/23/2018)

Heading into the 2018 Memorial Day weekend, regular gasoline prices averaged $2.92 per gallon (gal) nationally on May 21, up from last year’s price of $2.40/gal before the holiday weekend. This year marks the highest price ahead of the Memorial Day weekend since 2014, when the national average price of regular gasoline was $3.67/gal (Figure 1). Relatively higher crude oil spot prices, strong gasoline demand, and falling gasoline inventories are all factors contributing to higher gasoline prices. ... More »