Gas prices halt sharp rise as holiday weekend begins

May 28, 2022 GMT

TRENTON, N.J. (AP) —

Gas prices have halted their sharp rise just in time for the beginning of the Memorial Day weekend, and analysts say the record-high prices aren’t expected to keep travelers from taking to the road.

AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $4.75, down two cents from last week. Drivers were paying $3.05 a gallon on average a year ago at this time.

The national average price for a gallon of regular gasoline was $4.59, unchanged from last week. Drivers were paying $3.04 a gallon on average a year ago at this time.

Analysts say 35 million Americans are expected to hit the road this weekend to mark the unofficial start of summer “despite paying the highest prices at the pump ever for the holiday.” Analysts cite elevated crude prices and increased seasonal demand as two key factors in the price surge.