Gas prices ramp up ahead of Memorial Day weekend

A recent scene of traffic on the Capital Beltway

Consumers are expected to spend, on average, $200 more on gas this summer as compared to past year. I think they will go up and are going to be ridiculously high.

"A strong economy and growing consumer confidence are giving Americans all the motivation they need to kick off what we expect to be a busy summer travel season with a Memorial Day getaway", Sutherland said.

In fact, a study conducted by the Auto Club's Automotive Research Center determined that a vehicle going 70 miles per hour instead of 65 miles per hour had a reduction in fuel economy of about 9 percent.

CT comes in at $3.13 a gallon with New Jersey just over $3 a gallon. Milani says the good news is that auto rentals are the cheapest they've been in about four years.

"Rising gas prices are not discouraging Texans from traveling this Memorial Day", Kent Livesay, AAA Texas vice president/general manager, said in a statement.

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The national average for a gallon of unleaded gasoline, which now stands at $2.96, has jumped 19 cents over the last month. "Compared to an average of the last three Memorial Day weekends, pump prices are almost 50 cents more expensive and climbing", AAA spokeswoman Jenifer Moore said in a statement Tuesday. Illinois' record average price was $4.32 in 2011.

GasBuddy Head Analyst Patrick DeHaan says several factors are contributing to the rise in prices, including OPEC's 2016 agreement to reduce oil production and the lack of oil being exported by Venezuela.

Iran deal is kaput: Crude prices are up $10 a barrel since President Trump backed away from the Iran nuclear deal.

While we may be paying more in fuel, Milani says they're not expecting gas to come anywhere near 2014 prices.

If you want to save every penny on gas, AAA suggests turning off your auto and going inside a restaurant, instead of waiting in the drive-thru line. With an estimated 41 million Americans hitting the road over Memorial Day weekend, gas prices are going up. That's the highest since 2005.

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