U.S. gasoline prices are slightly below 2018 levels heading into Memorial Day weekend, but are expected to rise (5/22/2019)

Heading into the 2019 Memorial Day weekend, regular gasoline prices averaged $2.85 per gallon (gal) nationally on May 20, 7 cents lower than last year's price of $2.92/gal before the holiday weekend. Although the national average price of regular retail gasoline has decreased for two weeks in a row, the U.S. Energy Information Administration (EIA) expects U.S. regular retail gasoline prices will average $2.92/gal during the 2019 summer driving season (April through September), 7 cents/gal higher than last summer, according to EIA's May Short-Term Energy Outlook. Strong gasoline demand, falling gasoline inventories, and higher gasoline refining margins will likely drive the price increase, as crude oil spot prices are expected to remain below year-ago price levels. ... More »