gasbuddy says that prices are down in all 50 states. california, alaska, new york, new jersey, are one of the states in showing the biggest prize drops. you have more evidence of cooling inflation, the cost of living crisis, it isn t over, but it is getting better. it is, two important points here, gas prices were lower in 2021, and of course in 2021 covid shot the economy down, and people were not really driving. also, the reasons for the gas prices drop not all positive. some of it is better supply, also better supply out of russia. also, it s also lingering recession fears that have kept the lid on oil prices, and also kept down the price of gasoline. still, gasbuddy estimates that drivers will spend 1.6 billion dollars less on gasoline compared with the last memorial day weekend. and that is undeniably good
gallon set last june. gas buddy says that prices are down in all 50 states, and in california, alaska, new york, new jersey, and florida, are among the states enjoying the biggest price drops. all of this is yet more evidence of cooling inflation. the cost of living crisis, you know, it isn t over, but it is getting better. there s two important points here, gas prices, they were lower, in 2021, and of course, in 2020, when covid shut the economy down, and people weren t really driving. also the reasons for the gas price drop, they re not all positive. some of it is better supply. also better than feared supply out of russia. but it is also these lingering recession fears that have kept the lid on oil prices, and also kept down the price of gasoline. still, gas buddy estimates that drivers will spend $1.6 billion
all of this is more evidence of a cooling inflation. the crisis isn t over, but it s getting better. gas prices, they were lower in 2021. and, of course, in 2020, when covid shut the economy down and people weren t really driving, also the reasons for the gas price drop, they re not all positive. some of it is better supply, also better than feared supply out of russia, but it s also these lingering recession fears that have kept a lid on oil prices and also kept down the price of gasoline. still, gasbuddy estimates that drivers will spend $1.6 billion less on gasoline compared with last memorial day weekend, and that is undeniably good news. victor and amara? i love it when we can deliver good news off the top. matt egan, thank you. millions, of course, will head to the beach this weekend, but the weather may not cooperate in some areas.
there s a growing number of people on the roads. the cost of road trips, it s actually going down. the national average is now sitting at $3.57 a gallon. that s not cheap historically, right? it was lower in 2020 during covid and even 2021, but it is down by more than $1 from a year ago. this is miles away from that record high of $5.02 a gallon last june. gas buddy says drivers in all 50 states are seeing lower gas prices. in california the average is down by $1.31 over the last year. alaska, $1.30. more than $1.20 in new york, new jersey and in florida. this is all evidence of cooling inflation. the cost of living crisis isn t over, but it is getting better. so, why are gas prices down? not all of it is for good reasons. some of it is because supply has improved but also it s because