Gas prices rise ahead of Memorial Day weekend

Tax cuts have also left most U.S. households with more money to spend though that extra cash has been eroded in recent weeks by sharply higher gasoline pric

Gas prices rise ahead of Memorial Day weekend

In Los Angeles County, the average cost for a gallon of regular unleaded is slightly above the state average, coming in about $3.76 per gallon, according to a news release from the Automobile Club of Southern California.

People hitting the road for Memorial Day weekend are paying more to fill up their tank than they did previous year, but GasBuddy reports prices should decrease as we get closer to June. A spike in crude oil prices has lifted the national average price of gas by 31% over the past year to an average of $2.97 a gallon, according to AAA. But this year travelers are facing the highest gas prices in four years.

AAA says that fifteen states, including New York, New Jersey and IL, are already facing $3 average gas prices or higher.

AAA recommends the estimated 37 million people hitting the roads for the holiday weekend should fill up tanks as early as possible.

Many other drivers agreed that high gas prices weren't going to slow them down.

The demand for crude oil is higher, and the supply is down, AAA says. And it's up 50 percent from past year, at around $80 a barrel.

There are a number of factors for the recent price surge.

"The Auto Club reminds holiday weekend drivers that driving just five miles above the freeway speed limit of 65 miles per hour will reduce their fuel economy by about nine percent", Spring said.

President Trump exits Iran deal: USA oil prices topped $70 a barrel earlier this month just as President Trump announced the United States is withdrawing from the Iran nuclear deal. Those higher prices are not going unnoticed.

Cathy Tyson of Greenville said on Wednesday afternoon that she is afraid that gas prices are going to get much worse than they are now.

Analysts are predicting the national average will top out at $2.95 a gallon between Thursday and Monday.

"This could be the high-water mark for the driving season", he said.

But even as the prices are surging, there are ways to save at the pump. "But I don't think it will hold people back". A Goldman Sachs spokesperson suggested to CNN Money on May 11 that Trump could decide to use the emergency stockpile of stored oil in the Strategic Petroleum Reserve to compensate for a decrease in Iranian oil production. "The Saudis are quite enjoying $80 prices", said Michael Tran, global energy strategist at RBC Capital Markets, to CNN.

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