Market Insider

Highest gas prices of year to hit over Memorial Day

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Prepare for holiday traffic this weekend

Gasoline prices could creep up another few cents to the highest levels of the year this weekend, but it will also be the cheapest Memorial Day for drivers in five years.

"Generally, we should be peaking now. I don't personally think we're going to see this huge crazy drop in gas prices. I think we saw one in 2012 in June, but I think the big drop comes after Labor Day," said Tom Kloza, head global analyst at Oil Price Information Service.

Absent a major refining incident, hurricane or other disrupting factor, unleaded gasoline prices should peak for 2015 at about $2.75 per gallon in the next several days. (Tweet This)

The AAA motor club expects the highest level of Memorial Day weekend travel in 10 years. It forecasts that 37.2 million Americans will travel 50 miles away from home this holiday weekend, a 4.7 percent increase over last year when gasoline prices were about 90 cents higher per gallon.

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