Gas prices are way down
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School is out, we've had our first three-day weekend and you know what that means: It's unofficially, officially summer vacation season.
Why it matters: Time to go road trippin'!
- We'll bring you tips on Midwest travel options all week, starting today with Columbus, Ohio.
State of play: Gas prices are making travel much cheaper so far this year.
- Indianapolis drivers were paying an average of $3.50 per gallon of regular gasoline as of May 1, compared with $4.60 a year ago, Axios' Alex Fitzpatrick and Kavya Beheraj report.
The big picture: Gas prices set record all-time highs last year amid a broader inflation crisis and driven in part by Russia's invasion of Ukraine, which destabilized global energy markets.
Zoom out: Nationally, gas prices are rising slightly, compared with previous months, but they're still well below last year's levels as we head into the travel-heavy summer season, Axios' Alex Fitzpatrick reports.
- The nationwide average price per gallon of regular gasoline has been $3.53 throughout May, compared with $4.60 a year ago.
- Prices are still well above pre- and mid-pandemic levels.
Be smart: While gas prices fluctuate from state to state, they tend to follow the same up-and-down trends nationwide.
What they're saying: "Despite mild weather and a less volatile economic forecast, drivers are not hitting the road and raising gasoline demand to traditional seasonal levels," AAA spokesman Andrew Gross said in a statement.
Yes, but: AAA and others are predicting near-record travel this summer, which could spike demand — and thus lead to higher prices — in the warmer months.
- "It's possible this is merely the lull, but it could be a trend that lingers into summer," Gross said.
The bottom line: Hit the road as soon as possible — and enjoy doing it for less money this year.