the staff of the Ridgewood blog
Ridgewood NJ, Gas prices are at their lowest point in four years heading into Memorial Day weekend 2025, offering relief to millions of Americans hitting the road for the holiday. According to the U.S. Energy Information Administration (EIA), average U.S. retail gasoline prices are 14% lower than last year when adjusted for inflation.
This drop comes as crude oil prices continue to decline, a key factor in the reduction of prices at the pump.
National Gas Price Trends: Memorial Day 2025
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Average price nationwide: $3.17 per gallon (11% lower than 2024)
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West Coast: $4.29 per gallon (↓ 10%)
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Gulf Coast: $2.79 per gallon (↓ 13%)
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East Coast: $2.99 per gallon (↓ 17%)
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Midwest: $3.03 per gallon (↓ 15%)
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Rocky Mountains: $3.13 per gallon (↓ 12%)
Historically, gas prices rise from January to May due to higher demand for summer travel and the switch to costlier summer gasoline blends. Over the past decade (excluding 2020), prices have increased an average of 19% — or 49 cents — during this period.
Record-Breaking Travel Expected This Memorial Day Weekend
Despite ongoing concerns about inflation and rising living costs, AAA projects a record 45.1 million Americans will travel at least 50 miles from home this Memorial Day — the highest number on record.
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39.4 million of those travelers are expected to go by car.
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Memorial Day weekend travel spans Thursday, May 22 through Monday, May 26.
Why Are Gas Prices Falling in 2025?
According to Andy Lipow, President of Lipow Oil Associates, gas prices are expected to remain between $3.25 and $3.50 per gallon throughout the summer — notably lower than in 2024.
Lipow attributes this trend to several key factors:
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Slower global economic growth expectations
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Tariffs impacting demand
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OPEC+ optimism on global oil demand (forecasting a 1.3 million barrel-per-day increase in 2025 and 2026)
Additionally, OPEC+ is considering a production increase during its June meeting, which could push crude prices even lower.
“This put a negative spin on prices but was another sign that OPEC wants to keep President Trump happy,” said Phil Flynn, senior analyst at the Futures Group and FOX Business contributor.
What’s Next for Gas Prices in Summer 2025?
If OPEC follows through with production increases and global demand remains modest, gas prices may stay affordable through the summer. That’s welcome news for families planning road trips and vacations across the country.
Whether you’re traveling for leisure or commuting, this Memorial Day offers some of the cheapest gas prices in recent years, making it a perfect time to hit the open road.
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It’s great to see gas prices dropping ahead of Memorial Day weekend—what a relief for travelers! I hadn’t realized how much the lower crude oil prices are contributing to this drop, and it’s interesting to see how global demand and OPEC+ decisions are playing a role in shaping gas prices. Do you think these lower prices will hold through the summer, or will we see a rise as demand picks up?