May 22, 2020 - Energy & Climate
Gas prices are cheap as driving rebounds from coronavirus shutdowns
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Pump prices are at their lowest point in years heading into the long holiday weekend, but it's hard to say how many people will take advantage of them.
Driving the news: The average U.S. price of gasoline as of early in the week was $1.88-per-gallon, per the U.S. Energy Information Administration. It's the lowest overall price since early 2016.
- The group AAA, which provides similar but not identical pricing data, says it's the first time average prices are under $2 heading into Memorial Day weekend since 2003. The average price today is $1.94-per-gallon, per AAA.
One big question: That's how many people will be traveling over the long weekend. Driving nationwide has bounced back a lot in recent weeks.
- Nonetheless, AAA is declining to estimate holiday weekend travel for the first time in 20 years "due to COVID-19 impacts on the underlying economic data used to create the forecast," the group said.
