American drivers are facing the highest gasoline costs in about four years heading into the Memorial Day weekend, but many analysts think the price at the pump will soon peak.
The national average for regular gasoline has reached $2.969 a gallon, about 60 cents higher than a year ago, according to AAA. Prices are still well below those seen in 2014 — the year the oil market crashed — but that's likely cold comfort to drivers watching the figures on gas station signs tick higher day after day.
Still, there is reason to believe the worst is almost over. All else being equal, gasoline prices tend to peak ahead of driving season, which unofficially kicks off with the Memorial Day holiday, said Matt Smith director of commodity research at ClipperData.
"What you see is refinery maintenance in the spring, and then as we come out of that, we see prices peak as those refiners then produce more product which then gets consumed as demand peaks in the summertime," he told CNBC's "Squawk Box" on Friday.