Why Gas Prices Are 31 Percent Higher Than Last Memorial Day

Gas prices are up 31% from last Memorial Day. Here’s why	 	 	 			Gas pump

Gas prices are up 31% from last Memorial Day. Here’s why Gas pump

More than 1 million people who live in and around Washington say they plan to head elsewhere this Memorial Day weekend, the official kickoff of summer, according to AAA, and if you are one of them you might want to pick a time other than Thursday afternoon to hit the road.

Gas prices in New Jersey have reached almost $3 per gallon in some areas ahead of the Memorial Day holiday weekend.

"A strong economy and growing consumer confidence are giving Americans all the motivation they need to kick off what we expect to be a busy summer travel season with a Memorial Day getaway", Sutherland said.

Just over the last week, average prices across the Island climbed from $3.05 to $3.12, AAA says. Gas in California and Hawaii, traditionally two of the priciest states, is north of $3.70 a gallon.

In 2014, there were 9,967 fatalities in crashes involving a driver with a BAC of.08 or higher, accounting for 31 percent of total traffic fatalities for the year, according to AAA.

A record number of Americans are traveling this weekend for the Memorial Day holiday.

In fact, a study conducted by the Auto Club's Automotive Research Center determined that a vehicle going 70 miles per hour instead of 65 miles per hour had a reduction in fuel economy of about 9 percent.

The higher prices are due to OPEC production cuts while there is increased demand for oil.

Supply is down: OPEC and Russian Federation have cranked back production, starting past year, to offset shale production in North America.

"Memorial Day holiday travel volume in the Washington metro area will be 41 percent higher than it was in the region during 2009, which represented the recession-driven low", Townsend said.

When it comes to fuel efficiency and running air conditioning, Milani says newer cars are built for comfort and to be fuel efficient, so it's best to do your usual summertime driving habits. Inside city limits, the average now stands at $3.39, compared with $3.29 a week ago and $2.57 at the same point in 2017.

But even as the prices are surging, there are ways to save at the pump.

"It's starting to cause some sticker shock and maybe some resentment. But I don't think it will hold people back", said DeHaan. Goldman Sachs recently suggested President Trump could tap the emergency stockpile of oil stored in the Strategic Petroleum Reserve to make up for the loss of Iranian production. "The Saudis are quite enjoying $80 prices", said Michael Tran, global energy strategist at RBC Capital Markets, to CNN.

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