Dallas gas prices lower ahead of busy travel weekend

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Data: GasBuddy; Note: Price as of the 1st of each month; Chart: Axios Visuals

Texas has some of the lowest gas prices in the country — just in time for Memorial Day weekend road trippin’.

Why it matters: During the holiday weekend, an estimated 42.3 million Americans are expected to travel — a 7% increase over last year, per AAA.

  • It is projected to be the third busiest Memorial Day weekend of the past 20 years.
  • AAA and others are predicting near-record travel this summer, which could spike demand and lead to higher gas prices in the warmer months.

Between the lines: Though more people are planning to road trip this holiday weekend than last year, the travel volume will be lower than in 2019, before the pandemic.

  • But despite high airfare costs, this could be the busiest Memorial Day weekend at airports since 2005, per AAA projections.

Zoom in: DFW Airport is expecting 1.1 million passengers to pass through the airport this weekend, a 1.7% increase over 2019’s holiday weekend.

  • And the busiest travel day will be today.

The big picture: Gas prices set all-time highs last year amid a broader inflation crisis, and driven in part by Russia’s invasion of Ukraine, which destabilized global energy markets.

  • And prices remain well above pre- and mid-pandemic levels, writes Axios’ Alex Fitzpatrick.

By the numbers: The nationwide average price per gallon of regular gasoline is $3.53 this month, compared with $4.60 a year ago.

  • In Dallas, the average is $3.08 per gallon this month, down from last month’s average of $3.35 and last May’s average of $4.34, per GasBuddy data.

The bottom line: Travel demand is rebounding after reaching historic lows during the peak of the pandemic in 2020, and continuing high inflation isn’t putting a damper on people’s desire to get away.

  • 1 in 5 travelers say this summer’s vacation plans are fueled by their lost travel plans of 2020, according to a survey conducted by Deloitte.