Why Average Gas Prices Will Reach Two-Year Memorial Day High

24/7 Wall St.

gas signGasoline prices for Memorial Day will reach a two-year high, according to data from the AAA Fuel Gauge Report. It is not clear at all what, if anything, this will do to the economy. So far, the rapid fall and rise of gas prices during the past year have had little discernible effect on consumer behavior. That will continue for the balance of the year, unless the upward swing becomes more violent.

The organization reported:

Today’s national average price for a gallon of regular unleaded gasoline is $3.65. This price is seven cents more expensive than one week ago and 14 cents more than one month ago. The seven-cent weekly increase is the largest such spike since February and today’s national average price at the pump is the highest since March.

Much of the increase is due to oil prices, AAA management says. Since oil has continued to tick up toward…

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