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Idea of the Day: Americans Will Face High Gas Prices on Memorial Day

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Nearly 35 million Americans are expected to travel 50 miles or more this Memorial Day weekend to visit family and friends and enjoy the outdoors, according to AAA. Nearly 90 percent of them will likely to drive to their destination, filling up their tanks with expensive gasoline or diesel fuel before hitting the road.

Gasoline prices averaged $3.66 per gallon nationwide on May 21, 2013, which is 2 cents per gallon lower than they were a year ago when the price per gallon was $3.69. But experts predict that prices will plateau or increase throughout the summer, providing little relief at the pump for American families during this vacation season. These high prices enable the five biggest oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Shell—to reap huge profits even though they are producing less oil worldwide than this time last year.

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This is part of a regular column: Idea of the Day

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