That family summer road trip could bring a pleasant surprise when it’s time to fuel up.

As about 40 million Americans plan to drive this Memorial Day weekend, gasoline prices are at their lowest level in years.

The fuel savings platform GasBuddy reports the national average price for gas is $3.08. That’s the lowest price at the start of summer since 2021. Adjusted for inflation, that’s the lowest price since 2003.

“Joy. Simple joy,” exclaimed analyst Phil Flynn at Price Futures Group. “This is just fantastic news. Once you get those prices down, that gives a big boost to consumer confidence. That increases spending in other areas.”

The Trump administration has claimed credit for the cheaper prices and Flynn says give credit where credit is due.

“It’s what I call the invisible hand of Donald Trump,” he said.

Since the start of the Trump administration in January, oil prices have fallen 20%.

Even though that has not been enough time for any new oil drilling or refinery capacity to come on line, Flynn says the president has changed the landscape to allow for more affordable energy. “Make no mistake about it,” he said. “When Donald Trump came in and said we’re going to cut regulations for oil and gas, reach out to OPEC, get them to raise production and have a better relationship with them, and “drill baby drill,” all of this does get priced into the market almost immediately.”

Flynn says the change means prices are likely to stay low.

The analysts at GasBuddy agree. It projects prices will average $3.02 a gallon from Memorial Day all the way through Labor Day.

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