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Memorial Day Gas Prices

Last updated on Thursday, May 24, 2012

(UNDATED) - We are fast approaching the holiday weekend, and for many that means it’s time to pack up the car and head out to your friends’ and families’ homes for festivities.

Always a question on the mind of the traveler is how much damage will the gas prices do to your holiday funds?

Memorial Day weekend is less than a week away and that means travel plans are beginning to come together.

The national average for a gallon of gas hasn't been below $3.00 per gallon since the end of 2010.

Currently, the national average for a gallon of gas is just under $3.70.

Ag economist Wally Tyner said that's right around what gas prices will likely remain for the rest of the summer.

"Prices are likely to stay in the $3.50 to $4.00 range," Ag economist Wally Tyner said.

Tyner said the price at the pump is affected by several factors besides supply and demand.

The economic turmoil in Europe, conflict in the middle east, and even local national issues such as the uncertainty of whether a couple of refineries on the east coast will be in operation this summer.

"If one or both of those shuts down for the summer, that will push prices up," Tyner said.

While the exact price is uncertain, several dollars per gallon is likely which eats away at the pocket book.

Wally Tyner said within the last week crude prices have dropped below one hundred dollars per barrel, but the upcoming demand from holiday travel will lessen the price drop we see at the pump.

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