During the annual Memorial Day long weekend, significant changes in gasoline prices have been observed in Santa Clara County. The average price of regular unleaded gasoline has dropped below the $5 mark, reaching $4.851 per gallon, which is the lowest level for this time of year in three years. This welcome news for Bay Area residents comes as the summer travel season officially kicks off.
In San Francisco, the average gasoline price is reported at $5.103, while Santa Clara County and San Jose have seen average prices fall below $5. Compared to the peak on June 14, 2022, current prices reflect a decrease of about 25%. Specifically, gas prices in San Jose dropped by 23 cents compared to the same time last year, and are down approximately 24 cents from the historic high recorded on June 13, 2022. This period marks the lowest price point since the Memorial Day weekend in 2021.
Former President Trump has publicly attributed the recent decline in gas prices to policies enacted during his administration, which included the loosening of energy regulations. In a recent post, he stated that prices for gas, energy, and food are all decreasing. Meanwhile, the White House has noted that the current gas prices for this Memorial Day weekend will be the most affordable since 2021, citing Trump’s early declaration of a “national energy emergency” along with eased restrictions on oil and natural gas extraction.
A report from the American Automobile Association (AAA) indicates that fluctuations in supply and demand for crude oil are contributing factors to the current drop in gas prices.
With the Memorial Day weekend approaching, popular travel destinations among Bay Area residents include Santa Cruz, Napa Valley, Lake Tahoe, Big Sur, and Yosemite National Park. The reduction in fuel prices is indeed good news for those planning to drive to these attractions.
AAA also notes that while gas prices have somewhat stabilized, over 45 million Americans are expected to travel during the Memorial Day weekend this year, with nearly 90% opting to drive. In California, travel estimates exceed 4.8 million, marking one of the highest records since the pandemic began. To ease potential congestion on the roads, travelers are advised to depart early, avoid peak travel times, and pay attention to vehicle maintenance and tire conditions to ensure safety and fuel efficiency.
This year presents an opportunity for families and friends to enjoy their time together, experiencing the beauty of the outdoors without the added worry of high gasoline expenses.