Gas Prices Around California On A 'Downward Trajectory'

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Ahead of the Memorial Day holiday, gas prices in California are showing a downward trend. According to AAA, the average price for a gallon of regular unleaded gasoline in California was about $5.20 as of Monday (May 20). This represents a decrease of about 10 cents from the previous week and 30 cents from the previous month. The decline in prices is attributed to weak domestic demand and oil costs, per The Sacramento Bee.

"Gas prices are on the decline," AAA spokesman John Treanor told The Sacramento Bee on Monday. He further added that the prices are expected to continue their "downward trajectory" into the summer. However, even with the decrease, California's gas prices are nearly $2 higher than the national average.

Despite high gas prices, a 2024 Summer Travel Survey by GasBuddy indicates that 76% of Americans plan to take road trips between Memorial Day and Labor Day weekends, an increase of 18% from 2023, KCRA reports. Nearly half of those surveyed said high gas prices have affected their travel plans, but many are still determined to hit the road.

Additionally, the Biden Administration recently announced its plan to release around 1 million barrels of reserve gasoline supplies in an effort to reduce gas prices this summer.