Vermont Business Magazine The national average price of gasoline this Memorial Day weekend is projected to be $1.10 less than it was in 2022, at $3.53 per gallon on average. Though, lower gas prices alone may not be enough for many Americans to hit the road this summer. According to GasBuddy’s 2023 Summer Travel Survey, released today, 64% of Americans are planning to take a summer road trip this year, up from 58% last year. However, 60% of that group has yet to confirm their plans by booking accommodations, activities or other travel plans. Meanwhile, Vermont gasoline prices have fallen below the national average, after rising during the winter.
After a grueling summer at the pump last year, it’s clear that Americans are tempted to get back out on the road. In fact, less than half of survey respondents (45%) said high gas prices were affecting their road trip plans this year – in 2022, that number was 70%. While gas prices might be in motorists’ favor, the costs of other travel essentials such as hotels and airfare remain elevated. Nearly 40% of people said inflation and high prices overall have caused them to rethink their travel plans this summer.
“While gas prices are far lower in most areas than they were last year, Americans seem to feel a bit worse about the economy this year on the heels of rising interest rates, the bank crisis, and inflation that has spiked, impacting their ability to take a road trip during the summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While the number of Americans planning on taking a road trip is higher this year, we’re finding that many remain cautious about the direction of the economy and thus have not yet cemented those plans in, with some hinting that price uncertainty is making things challenging.”
How to save money on summer road trips:
- Shop around for the best gas prices. Drivers can save upwards of 30¢ per gallon just by comparing prices before filling up and choosing a price - not a station - to fill up at.
- Beware of crossing state lines. Gas prices often vary drastically between states due to tax changes and summer gasoline requirements. Make sure to check prices before crossing a state line to avoid overpaying.
- Change the way you drive. Curbing aggressive habits like speeding, hard braking and fast acceleration and using cruise control on the highway at 65 mph can increase efficiency by 15 to 25% versus going 75 mph.
As for gasoline prices today, average gas prices in Vermont are $3.48 per gallon, down 1 cent per gallon from last week's $3.49/g, according to GasBuddy. Prices are 5 cents/g lower than a month ago and $1.24/g lower than a year ago.
The lowest price in the state is $3.29/g in Colchester while the highest is $3.74/g in Westminster, a difference of 45 cents per gallon.
Meanwhile, average gasoline prices in Burlington have fallen 3.3 cents per gallon in the last week, averaging $3.47/g today, according to GasBuddy's survey of 100 stations in Burlington. Prices in Burlington are 0.6 cents per gallon lower than a month ago and stand 116.0 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in Burlington was priced at $3.29/g yesterday while the most expensive was $3.55/g, a difference of 26.0 cents per gallon.
The national average price of gasoline has fallen 1 cent per gallon in the last week, averaging $3.51/g today. The national average is down 15 cents per gallon from a month ago and stands $1.07 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
The national average price of diesel has fallen 4.0 cents in the last week and stands at $3.97 per gallon.
Statistics
| Vermont | USA | Trend | |
|---|---|---|---|
| Today | 3.480 | 3.513 |  |
| Yesterday | 3.483 | 3.519 | |
| One Week Ago | 3.495 | 3.520 | |
| One Month Ago | 3.530 | 3.662 | |
| One Year Ago | 4.720 | 4.588 | |
| * Average Regular Gas Prices - Updated: 5.18.2023. 10:55 AM | |||
Historical gasoline prices in Burlington and the national average going back ten years:
May 15, 2022: $4.63/g (U.S. Average: $4.46/g)
May 15, 2021: $2.95/g (U.S. Average: $3.04/g)
May 15, 2020: $1.90/g (U.S. Average: $1.86/g)
May 15, 2019: $2.86/g (U.S. Average: $2.86/g)
May 15, 2018: $2.93/g (U.S. Average: $2.89/g)
May 15, 2017: $2.47/g (U.S. Average: $2.33/g)
May 15, 2016: $2.31/g (U.S. Average: $2.22/g)
May 15, 2015: $2.66/g (U.S. Average: $2.70/g)
May 15, 2014: $3.76/g (U.S. Average: $3.64/g)
May 15, 2013: $3.57/g (U.S. Average: $3.59/g)
Neighboring areas and their current gas prices:
Albany- $3.68/g, down 0.8 cents per gallon from last week's $3.69/g.
New Hampshire- $3.35/g, down 2.4 cents per gallon from last week's $3.37/g.
"With oil prices bouncing back over $70 per barrel after reaching as low as $66 in early May, we've seen gasoline prices move higher in some states, while others have continued to decline- the national average has seen little change as a result, but overall, gasoline prices continue to see significant relief from year ago levels," said Patrick De Haan, head of petroleum analysis at GasBuddy. "We're likely to soon see gasoline prices slip to their largest year on year deficit since Covid hit, when prices fell over $1 per gallon from 2019- so the relief at the pump as been significant, and even though the gas price decline hit pause last week, it's looking more likely that barring a major hurricane or series of refinery outages, the national average may not end up hitting the $4 per gallon mark- something that will make most motorists very happy. For those in Arizona that have seen gas prices spike during the spring, significant relief is starting and should even accelerate over the weeks ahead."
About GasBuddy
GasBuddy is the leading fuel savings platform providing North American drivers with the most ways to save money on gas. GasBuddy has delivered more than $3.5 billion in cumulative savings to its users through providing real-time gas price information at 150,000+ stations, offering cash back rewards on purchases with brand partners, and through the Pay with GasBuddy™ payments card that offers cents-off per gallon at virtually all gas stations across the US. As one of the most highly-rated apps in the history of the App Store, GasBuddy has been downloaded over 100 million times. Acquired by PDI Technologies in 2021, GasBuddy’s publishing and software businesses enable the world’s leading fuel, convenience, QSR and CPG companies to shorten the distance between the fueling public and their brands. For more information, visit www.gasbuddy.com.
SOURCE 5.18.2023. GasBuddy
