May 26, 2023 - Business

Gas prices in Seattle area fall 12% from last May

Data: GasBuddy; Note: Price as of the 1st of each month; Chart: Axios Visuals

The price of gas in the Seattle area is down 12% from last year, although it remains far higher than the national average.

By the numbers: Seattle-area drivers were paying an average of $4.70 per gallon of regular gasoline as of May 1, compared to $5.34 a year ago.

The big picture: Gas prices set record all-time highs last year amid a broader inflation crisis, and were driven in part by Russia's invasion of Ukraine, which destabilized global energy markets.

Zoom out: Nationally, gas prices are rising slightly compared to previous months — but they're still well below last year's levels as we head into Memorial Day weekend and the travel-heavy summer season.

  • The nationwide average price per gallon of regular gasoline has been $3.53 throughout May 2023, compared to $4.60 a year ago.

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," said AAA spokesperson Andrew Gross in a statement.

Yes, but: Prices are still well above where they were pre- and mid-pandemic.

What to watch: AAA and others are predicting near-record travel this summer, which could spike demand — and thus lead to higher prices — in the warmer months.

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