Home / Business / US Expects $4.7 Billion to Buy Oil During Memorial Day Memorial Weekend

US Expects $4.7 Billion to Buy Oil During Memorial Day Memorial Weekend



Americans are expected to spend about $4.7 billion on gasoline during the Friday-Monday Memorial Day weekend, according to GasBuddy, an app and website focused on finding real-time fuel prices.

Patrick De Haan, head of petroleum analytics at GasBuddy, told CNBC Make It that, divided into $1.18 billion spent on oil each day, $1 million give or take.

GasBuddy forecasts the national average gasoline price of $2.98 a gallon over Memorial Day weekend. That was a record price for the May weekend since 201

4, when gas hit $3.66 a gallon (AAA reported a slightly higher average of $3.04 a gallon as of Thursday).

“Oil prices have been rising for months due to continued growing demand for gasoline. as many destinations reopen before summer The closure of the colonial pipeline underscores the growing reliance on gasoline since the epidemic,” De Haan said.

Oil prices are likely to ease after Remembrance Day, but De Haan warned that a recovery could occur and oil prices could rise again in mid-summer.

If you’re planning a vacation this summer. Here are some tips to help you save at the pump.

1. Compare prices

Either through GasBuddy or other driving apps. Local fuel indicators such as the AAA Mobile app or Waze are worth looking for for the best price. Small differences can be combined.

The average summer road trip is 568 miles round-trip, according to the Bureau of Transportation Statistics. Let’s say you have a car with an average 12 gallon tank of gas. You’ll save over $20 if you shave off just 5 cents per fill.

You should also be aware that fuel prices can fluctuate from location to location. AAA recommends refueling before you arrive at your destination. Because many popular beaches and vacation spots tend to be more expensive for gas.

2. Make sure your vehicle maintenance is up to date.

3. Drive calmly

Being a Zen driver doesn’t just reduce stress. But it also helps you save fuel. That’s because aggressive driving with lane changes, braking and rapid acceleration can increase fuel consumption by 30% on highways.

Driving more than 50 miles per hour can also have an impact. As this increases your car’s wind resistance, for every five miles per hour you drive over 50 years, you may pay an additional $0.21 for petrol.

4. Take Advantage of Loyalty Programs


Source link