Natural gas prices have remained stable for about a week, but are still significantly higher than this time last year.
WASHINGTON — U.S. gasoline prices remained relatively stable over the Memorial Day weekend, with the national average cost per gallon declining slightly over the holiday. But experts say prices that have been high since the start of the war with Iran appear unlikely to fall anytime soon as tourists prepare for their summer holidays.
According to data from the American Automobile AssociationThe average cost of a gallon of gasoline in the United States on Monday was $4.507. The price is down slightly from Sunday’s average of $4.515, but has remained essentially unchanged for more than a week.
In California, drivers can expect to pay around $6.116 per gallon, which is the highest state average price in the country. The lowest state average price is in Indiana, where natural gas prices are $3.917, a full 59 cents lower than the national average. However, it’s still significantly higher than what drivers paid before the spring.
Natural gas prices have risen slowly but steadily over the past three months after the United States and Israel launched an attack on Iran on February 28, triggering war with the country and blocking the Strait of Hormuz. The strait is a narrow waterway through which about one-fifth of the world’s oil passes. The ongoing conflict between the United States and Iran has made it too dangerous for oil tankers to traverse competing blockades.
Despite rising gas prices, AAA predicts that about 45 million Americans will travel at least 50 miles from home during the Memorial Day weekend, May 21-25.
The organization’s travel forecast shows a slight increase in domestic travel this year, which could set a new Memorial Day weekend record, with 39.1 million people expected to drive and 3.66 million expected to fly.
During last year’s holiday weekend, the national average price for regular gasoline was $3.181 per gallon.
Despite expectations, experts warn prices are unlikely to fall back this summer.
Analysts at fuel-saving platform GasBuddy predict that travel and travel-related costs will increase throughout the remainder of this summer.
“This has been the oil market’s most volatile summer in years, and the closure of the Strait of Hormuz is at the center of it,” Patrick De Haan, director of oil analysis at GasBuddy, said in a statement. “Americans will pay billions more this summer to get to their destinations, and even after the strait reopens, it could take a year or more for natural gas prices to fully recover.”
GasBuddy’s 2026 pre-Memorial Day survey found that 56% of Americans plan to hit the road at some point during the summer, starting with Memorial Day and ending with Labor Day in the fall.
