With just days to go until millions of Americans hit the road for the Memorial Day holiday, one expert expects gas prices to climb even higher. Average prices per-gallon have been higher than $4 for more than a month already.
According to Patrick De Haan, head of petroleum analysis at GasBuddy, “gasoline and diesel prices are likely to remain volatile, and with Memorial Day approaching, any sustained increase in oil prices could begin pushing retail fuel prices higher again in the weeks ahead.”
Back in February, GasBuddy actually predicted that gas prices would trend down this year to under $3 per gallon for the first time since the COVID-19 pandemic hit. At the end of that month, President Donald Trump announced that the U.S. had joined Israel to attack Iran. That conflict has resulted in a blockade at the Strait of Hormuz (an important route for much of the world’s oil) and rising gas prices.
By the end of March, prices per gallon had reached $4, and they have remained over $4 since. As of Tuesday, AAA data showed that average national gas prices were higher than $4.50 per gallon.
Even with the highest Memorial Day gas prices in four years expected, AAA has predicted record-breaking holiday travel over the upcoming holiday. However, data from GasBuddy’s 2026 Summer Travel Survey indicates that there will be a drop in Americans traveling this summer as the U.S. sees rising inflation and expensive prices at the pump.
“GasBuddy 2026 Summer Travel Survey shows 67.4% of Americans are saying gas prices are impacting their summer travel plans,” said De Haan in a Tuesday X post.
While De Haan noted that gas prices in the U.S. were “drifting lower” slightly last week, he said that hopes that they would come down significantly decreased after Trump’s meeting with Chinese President Xi Jinping “failed to produce a breakthrough on Iran.” In fact, he said prices have been pushed higher again.
In the U.S., pulling from the Strategic Petroleum Reserve can help mitigate climbing oil prices. De Haan said Tuesday that the reserve “just fell by its largest ever weekly amount: almost 10 million barrels.” According to Reuters, that brought total volumes in the reserve to about 374 million barrels, “its lowest since July 2024.”
Reuters also said that the “Trump administration is seeking a release of 172 million barrels from the reserve as part of a global agreement to calm oil markets as prices spiked over the U.S.-Israeli war with Iran that began nearly three months ago.”
Meanwhile on U.S. roadways, high prices at the pump have been driving up risky habits like letting fuel tanks run low, AAA warned last week.
