Gas Prices to Increase on Memorial Day, Dubbed Highest in 7 Years as Potential Supply Shortage of Gas Looms

An unpleasant surprise awaits the 34 million drivers slated to hit the United States roads this Memorial Day weekend -- the highest gas prices in seven years. That could be the least of the problems for people taking to the highways for summer vacations.

Gas prices are slated to be the highest for a Memorial Day weekend, and prices could stay high all summer. This is as Americans take the road in a post-COVID-19 pandemic driving spree. The average price now for a gallon of unleaded gasoline of $3.04 per gallon is 16 cents more than in April and $1.08 per gallon higher than in 2020. The motor club federation expects 37 million United States citizens to travel this weekend, which is a 60% increase over 2020 when the economy was still closed.

According to the Head of petroleum analysis at GasBuddy Patrick De Haan, the latest Colonial Pipeline cyberattack and bolstered demand are driving the boost that began in November. Haan stated Americans are returning to normal. "One could not drive to go see an MLB game, but now they can. One could not drive to go see an NHL game, but now they can," Haan told Fox 23. He added there are plenty of things for Americans to do now that the economy is reopening.

Gas Price Hike a 'Supply and Demand' Issue

According to experts, the situation is largely a supply and demand issue. While there is much gas supply, it is getting that supply to the actual pumps that have grown into a post-pandemic problem, reported WLNS.

This time around, the squeeze may be triggered by the shortage of tank truck drivers to deliver the fuel, with panic buying by travelers topping off their tanks. Tom Kloza, global head of energy analysis for the Oil Price Information Service, which tracks gas prices for AAA, remarked that supply, prices, and crowd behavior should be taken into consideration, reported News Opener.

Several Southeast filling stations are still without fuel. However, the region gradually recovers from a cyberattack on the country's largest fuel pipeline. The previous week's closure of Colonial Pipeline's 5,500-mile (8,900-km) system was the most devastating cyberattack on record. It has prevented millions of barrels of diesel, gasoline, and jet fuel from flowing to the East Coast from the Gulf Coast.

The gas shortages experienced this May previously when a key pipeline closed could once again be on the horizon, experts stated. Gas prices heightened earlier this May after the Colonial Pipeline went off line for six days following a ransomware attack. In a number of Southern states, gasoline prices increased more than 20 cents per gallon as alarmed drivers filled their tanks and shortages close stations.

List of Average National Gas Prices in Seven Years

Americans planning to travel on the five-day holiday weekend are slated to do so by car, so the added expense will be felt in wallets across the country. These are the average national gas prices for Memorial Day weekend in the previous seven years:

• 2020: $1.96/gallon
• 2019: $2.83/gallon
• 2018: $2.97/gallon
• 2017: $2.37/gallon
• 2016: $2.32/gallon
• 2015: $2.74/gallon
• 2014: $3.66/gallon