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Gas prices are hitting multi-year lows just as Memorial Day travel kicks into high gear. With nearly 40 million Americans expected on the road, the national average price for a gallon of gas is projected to be $3.08 – the lowest Memorial Day price since 2021. Adjusted for inflation, it’s actually the cheapest gas has been since 2003, excluding pandemic periods.
Travel costs are down across the board, with hotel stays and rental cars also showing price decreases according to the Consumer Price Index.
Oil prices have fallen approximately 20% since President Trump began his second term. Analysts attribute this to increased production from Saudi Arabia and OPEC following Trump’s early requests, along with economic concerns surrounding proposed tariffs.
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