Memorial Day Gas Prices Could Hit Lowest Level In More Than Two Decades

Gas prices are projected to hit the lowest level in more than two decades on Memorial Day, according to the fuel price tracker GasBuddy.

The price would be the lowest nominal level since 2021. Adjusted for inflation, the cost would be the lowest since 2003. The price is expected to remain low over the summer, potentially dipping below the $3.00 a gallon mark.

The projected price is a significant drop from where the national average hit a year ago at $3.58. In 2022, the cost of gas over Memorial Day was over a dollar more at $4.60.

“Gas prices are dropping to the lowest in YEARS ($3.08 on Memorial Day, possibly sub-$3 later this summer)!” posted GasBuddy.

Summer 2025 calling! ????✨????

Gas prices are dropping to the lowest in YEARS ($3.08 on Memorial Day, possibly sub-$3 later this summer)!

Where are you heading & what's your best road trip hack? ???? pic.twitter.com/fR2LDX23uY

— GasBuddy (@GasBuddy) May 20, 2025

Nearly seven-in-ten Americans, 69%, plan to take a road trip at some point this summer. That is a slight drop from last summer when 76% of Americans said they planned to take a road trip, according to a GasBuddy survey.

“While we’re forecasting the lowest summer gas prices in years, economic jitters are slightly dampening optimism — but we still expect a robust travel season, with millions of Americans hitting the road, many for extended trips,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement.

The drop in gas prices comes as the Trump administration has made lower fuel costs a priority. The administration has taken steps to cut investment in uneconomic green projects such as solar and wind power and encouraged fossil fuel development.

In February, Trump established the National Energy Dominance Council, an inter-agency council headed by Interior Secretary Doug Burgum. Energy Secretary Chris Wright serves as the council’s vice-chair. The council aims to boost fossil fuel production to lower costs for Americans as well as bolster the United States’ economic and national security.

“I’m going to share two words that I do not think that you have heard from a federal official in the Biden administration during the last four years. And those two words are thank you,” Burgum told a gathering of oil, gas, and mining executives in March, making clear the administration’s support for those sectors.

The Trump administration’s approach to energy was a sea change from that of former President Joe Biden. Under the Biden administration, the government saw climate change as an existential threat and poured funding into green energy projects while taking steps to tamp down fossil fuel use.

Fuel prices surged under Biden. In June 2022, AAA found the national average for a gallon of gas had hit $5.00, the first time AAA had marked that price since it began tracking the price of gas in 2000. Fuel prices remained elevated well over the $2.39 figure that began Biden’s presidency for the rest of his term.