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Thank you for joining us. let s get into the gas prices and where they can stand. if we pull this graphic up as it stands a gallon of gas in the u.s. $3.58 yesterday, $3.57. or we could go $3.54. obviously, not a big change, we are talking pennies but it is starting to tick up summer. where do you see these prices going in the coming months? i m afraid they will be going higher. perhaps a lot higher. if we look at the job the u.s. industry has done to keep prices under wraps, it is amazing. producing gasoline at a record pace. we have added refining capacity to keep up with demand but they are not getting any help on the way here at new regulations by the biden administration have closed inventory low and not able to build them up like they used to. if you look at gasoline inventory today in real terms the lowest level since 2016. ....
In the u.s., millions are flocking to beaches for the memorial day holiday weekend. but the weather may not cooperate in some areas. along the southeast coast, expect heavy rains, gusty winds, rip currents, and coastal flooding. parts of the carolina coast are under threat of excessive rain and flooding on saturday. and severe storms are possible across the great plains from texas to montana. there s some good news if you re taking to the road this holiday weekend in the u.s. the national average for regular gasoline is $3.57 a gallon. that s down more than a dollar a gallon from last year s. and in the big picture, that means americans are expected to ....
From a year ago. the national average standing at $3.57 a gallon according to aaa, down more than a dollar from the average at this time last year which was $4.60 a gallon. analysts say there are several reasons for this, the global price for barrel of oil is low. economic head winds, the central bank s raised interest rates, tamed inflation, cooled americans desires to hit the road. that s the case so far this year but this holiday weekend will see more americans on the road, more than 37 million according to aaa, up 6% from a year ago. another reason for lower gas prices, russia s war in ukraine hasn t cut russia s oil supply to world markets as much as was anticipated. we thought russia was going to disappear from the world market, their oil is still getting to market, in certain places, despite the fact that the u.s. the eu, and uk have sanctions on them. reporter: and experts believe ....
And don t expect that to last forever. the latest right now on where that stands. memorial day weekend is here, neil, so is the traffic. people are slowly moving behind me. kind of been the case the last couple of hours. because 42 million americans are planning on travelling this weekend and of that group, 37 million expect today get to their destination by driving. everyone is going to be paying a pretty penny for gas. gas is currently $3.57 a gallon on average. that s up 23% compared to memorial day pre-pandemic. despite the lofty prices it s still down a dollar from last year, when gas seemed to be on the verge of nearly $5. at the pump, you can t control the price of gas and on the road you can t control the traffic. we want to speak how they can control ap managing this weekend. ....
Will cost drives less to get to destinations. cnn s brian todd reports. reporter: at this bp station in mclean, virginia, pleasant surprises at the pump. i am surprised because everything else is going up a lot more. i guess gas prices have been kind of stable. for the past one year, i think the prices are a little bit better for the citizen. reporter: the cost of your holiday road trip at least behind the wheel is lower this year. gas prices steeply down from a year ago. the national average stand at $3.57 a gallon, according to aaa, down from the average at this time last year, which was $4.60 a gallon. analysts say there are several reasons for this. the global price per barrel is lower, but also economic headwinds globally. the central banks raise interest rates to tame inflation. that has cooled americans desires to hit the road. that s the case so far this year, but this holiday weekend ....