Gasoline Prices, a Source of Pain Last Year, Have Come Way Down
Americans who fill up their cars this Memorial Day weekend will catch a break — at least compared with a year ago, when gasoline prices were soaring.
The national average price for regular gasoline is a full dollar a gallon lower than a year ago. Drivers paid over $4.60 in May 2022, and prices had reached $5 by the second week of June. This week, they paid just over $3.50 a gallon for regular gasoline, according to AAA, the motor club.
Many energy experts said they expected prices to stay around these levels for much of the summer, barring a major disruption to global oil supplies.
Because gasoline prices are posted on street corners on big colorful signs, they can have a powerful psychological impact on consumers, especially on middle- and lower-income people who tend to drive older, less fuel-efficient vehicles and spend a larger proportion of their income on energy than affluent people.
“Who wouldn’t be happy to save the money?” said Eddie White, 46, who uses his pickup truck to make deliveries and offer rides through Uber. Filling up at least once a day, Mr. White, who…