Memorial Day gas prices projected at $3.08 per gallon, the cheapest in decades

Gas prices will likely reach their second-lowest Memorial Day level in over two decades.

The national average is expected to be $3.08 per gallon by next week’s holiday, according to GasBuddy. This would mark the lowest nominal price since 2021 and the second-cheapest Memorial Day rate since 2003 when adjusted for inflation.

The only time fuel prices dipped lower occurred in 2020 during the COVID-19 pandemic.

Additionally, analysts think costs could fall below $3 per gallon later this summer, which hasn’t happened in years. 

The national average was $3.58 last year. In 2022, it was $4.60 per gallon on Memorial Day. Prices today are down more than a dollar and a half from that peak, a massive shift in just two years. 

“Summer 2025 calling! 🚗✨🍦,” GasBuddy posted on X. “Gas prices are dropping to the lowest in YEARS ($3.08 on Memorial Day, possibly sub-$3 later this summer)!” 

The decline comes as 69% of Americans plan to take a road trip this summer, according to GasBuddy’s latest survey. This marks a slight decrease from the 76% who said the same last year. 

“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,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Rather than canceling plans, travelers are becoming more strategic with their spending.” 

President Donald Trump and his administration have prioritized lower gas prices, including the establishment of the National Energy Dominance Council via executive order. 

Interior Secretary Doug Burgum and Energy Secretary Chris Wright lead the council, which aims to boost American energy production, lower prices and improve national security. 

Burgum even praised oil and gas executives at a March 2025 event. 

“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,” Burgum said. “And those two words are: Thank you.”