The over 37 million people expected to drive over the Memorial Day weekend will get some relief at gas pumps around the nation, compared to a year ago, according to AAA data.
American Exploration and Production Council CEO Anne Bradbury predicts global oil demand will reach an 'all-time high' this year and 'exacerbate inflation.'Although prices edged a bit higher over the past week, they are still more than a dollar less than what motorists were shelling out a year ago, according to AAA.
The national average for a gallon of regular gasoline rose three cents to $3.57 on Friday, which is the unofficial start to the summer travel season and the three-day holiday weekend. This time last year, the national average sat at $4.60. By June, prices shot up to a record of just over $5 per gallon.
However, "the increase is mitigated by the low cost of oil, which is wobbling around in the low $70s per barrel."
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