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Boaters Cope with High Gas Prices Ahead of Memorial Day Weekend
National average gas prices hover near $4.55, with 16 states expecting record Memorial Day prices due to global disruptions and high travel demand.
Despite national gas prices hovering at $4.55, AAA expects a record 45 million Americans to travel for Memorial Day, with roughly 39.1 million planning to drive.
Global fuel costs surged 50% since the U.S. and Israel attacked Iran in February, with GasBuddy analyst Patrick De Haan stating the Strait of Hormuz closure is at the center of this volatility.
Record-Breaking fuel costs are forcing residents in 16 states to adapt, including Jefferson Parish's Brandi Goff, who now limits driving to manage costs as she pays up to $90 for a full tank.
Fox Business correspondent Jeff Flock observed that for some, staying home acts as a 'white flag' to high prices, though 36% of survey respondents report high costs are prompting fewer road trips.
De Haan stated that prices could hit $5 per gallon this summer, and analysts warn that full recovery could take a year or more after the Strait reopens.