Will you let higher gas prices put a brake on your summer plans? Drivers on the eastbound 101 Freeway may see their travel time increase by up to 47 percent, while motorists on the southbound 5 Freeway should expect to spend up to 43 percent more time on the road.
California as of Friday is the most expensive place in the country to fill up, with an average price of $3.727 a gallon, just ahead of Hawaii's $3.712, AAA data shows.
Iran deal is kaput: Crude prices are up $10 a barrel since President Trump backed away from the Iran nuclear deal.
The national average for a gallon of unleaded gasoline, which now stands at $2.96, has jumped 19 cents over the last month. It remains unclear exactly how much Iranian oil will get knocked offline, but it's safe to say the Iran decision has supported oil and gas prices.
Heading into the Memorial Day weekend, filling up the gas tank has gone from a headache to a migraine.
"Memorial Day holiday travel volume in the Washington metro area will be 41 percent higher than it was in the region during 2009, which represented the recession-driven low", Townsend said. Hitting the road for the holiday weekend?
Still, he said, there's something drives can do to help improve their gas mileage: slow down.More news: Iran seeks guarantees as JCPOA signatories meet to save deal
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At least 17 states were already at $3 per gallon as of Thursday, according to GasBuddy.
But even as the prices are surging, there are ways to save at the pump. "That sticker shock to the American family could get worse". "But I don't think it will hold people back", said DeHaan.
In fact, Saudi Arabia said this week that OPEC and Russian Federation could supply more oil to world markets "in the near future".
Anyone grumbling about prices in New Jersey should be happy they're not in Los Angeles, where prices have jumped to over $4. OPEC and Russian Federation are due to meet in Vienna on June 22.
"The Saudis are quite enjoying $80 prices", said Michael Tran, global energy strategist at RBC Capital Markets.
"I'm not sure they're going to rush back in and flood the market with barrels", he said.