RIDGEFIELD, N.J. — You might have noticed a big jump in gas prices recently. In fact, the national average for gas is 31 percent higher than last Memorial Day weekend.
It’s already shaping up to be one of the most expensive summer travel seasons for the estimated 36 million people who are hitting the road this weekend, according to AAA.
Some areas of the country are feeling the pinch at the pump more than others. The sharpest price hikes have hit the Midwest, according to CNN.
There are a couple of reasons why we’re seeing the national average of gas at about $2.97.
One of them is the president re-imposing sanctions in Iran. Also there is a higher demand now for fuel, so the result is about a 31 percent increase in the cost of fuel when you compare to what we saw last year.
Memorial Day weekend is often the peak for gasoline prices as demand starts to wane through the summer and in the fall. If prices don’t calm down, some drivers could decide to stay home rather than hit the roads.