Market Insider

Cheapest Memorial Day gas in 11 years

Joos Mind | Getty Images

Gasoline prices are near their high for the year but they will be at an 11-year low for drivers this Memorial Day weekend — when the summer driving season officially begins.

Tom Kloza, global head of energy analysis at Oil Price Information Service, said he expects gasoline to be around $2.29 over the Memorial Day weekend of May 28-30.

Drivers should see the lowest gasoline prices at the pump for the holiday weekend since 2005 when unleaded was averaging $2.07 per gallon. Last year, Memorial Day gas was about $2.74 per gallon.

The average retail price nationally for unleaded gasoline Thursday was $2.26 per gallon, the high for the year. That is up 2 cents since Wednesday and 6 cents in the last week, according to AAA.

"I think the national average is going to peak somewhere between $2.25 and $2.50. It's on a trajectory where it peaks somewhere between now and flag day (June 14)," said Kloza. "The crude market has firmed. Gasoline is just following crude for the most part."