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AAA: Memorial Day travelers will pay highest gas prices since 2014

Gas prices in Pennsylvania are up one cent this week at $3.162 per gallon, according to AAA East Central’s Gas Price Report.

AAA expects 37 million Americans to travel, mostly by car and plane, for the Memorial Day holiday weekend. These motorists will be greeted with the most expensive Memorial Day weekend gas prices since 2014.

The national average has stabilized following the Colonial Pipeline cyberattack, but pump prices are likely to fluctuate leading up to the holiday weekend. Over the past week, the national gas price average declined almost a penny to $3.03. While barely cheaper on the week, the average is 15 cents more than last month and $1.08 more expensive than last year.

At the close of Friday’s formal trading session, WTI increased by $1.64 to settle at $63.58. While a stronger dollar contributed to higher prices for the day, on the week crude prices declined amid coronavirus concerns.

Additionally, new market concerns about inflation and the Energy Information Administration’s weekly report revealing that total domestic crude inventories increased by 1.3 million barrels to 486 million barrels helped to reduce crude prices last week. If the EIA’s next weekly report shows another increase in crude stocks, prices could decrease further this week.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.