Fuels

GasBuddy Predicts What Gas Prices Will Look Like This Summer

Fuel-price app provider says 60% of survey respondents are planning a Memorial Day weekend road trip
Fuel pump
Photograph: Shutterstock

A near-record number of people are planning to road trip this summer as gas prices continue to decline ahead of the Memorial Day weekend, according to GasBuddy’s 2024 Summer Travel Survey results.

GasBuddy, a consumer fuel-price app provider, estimates the national average price for gas will hold in the mid-$3-per-gallon range for much of the summer, but tens of thousands of stations could fall below $3 per gallon over the next few months. Gas prices will average $3.58 per gallon nationally between Memorial Day and Labor Day, GasBuddy said. 

Seventy-six percent of Americans plan to take a road trip between those two weekends, up 18% from 2023, and GasBuddy’s second-highest recorded total. The average traveler has two road trips planned, with about 49% expected to drive five or more hours to reach their destination.  

Memorial Day is the most popular holiday weekend to take a road trip, with 60% planning one, GasBuddy said. It’s followed by Independence Day (45%) and Labor Day (34%). GasBuddy expects July 4 to be the lowest-priced holiday at the pump.

Gas prices are a major factor in where travelers stop, GasBuddy said. Sixty-three percent of survey respondents cited cost as their top consideration when planning trips, and 46% said high gas costs this year have affected their itineraries.

Few Americans are looking at an electric vehicle (EV) to alleviate fuel costs—about 15% of GasBuddy’s survey respondents are thinking about purchasing EVs.

GasBuddy recommends using its app, being aware of cheaper prices across state lines, taking advantage of gas station’s loyalty programs and considering how they pay to spend less at the pump this summer.

“It looks like it’ll be a busy start to the summer driving season, and while Americans gripe about the cost of gasoline, it doesn’t seem that too many are going to be deterred from hitting the road. Great news for those who are planning to travel: Motorists are likely to see more stations lowering prices to $2.99 per gallon or less as the summer wears on, and refiners ramp up output after finishing maintenance,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Hurricane season is a major wildcard for those hitting the road this summer, but absent a major storm in the Gulf, gas prices should not be much of a hindrance for those taking a road trip.”

GasBuddy’s 2024 Summer Travel Survey was issued from May 3-6 to a random group of GasBuddy users. PDI Technologies, Alpharetta, Georgia, acquired GasBuddy in 2021.

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