Will filling up your gas tank this Memorial Day weekend be a lot cheaper than last year?

If you’re taking a road trip this Memorial Day weekend, expect to pay less at the pump than last year.

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, according to fuel saving platform GasBuddy.

According to GasBuddy’s 2023 Summer Travel Survey, 64 percent of Americans plan to take a summer road trip this year, up from 58 percent last year.

Although gas prices will be lower this year, debt ceiling and recession concerns may keep some Americans cautious before setting travel plans this summer, Patrick De Haan, GasBuddy head of petroleum analysis, said.

“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,” De Haan said in a statement.

ARE GAS PRICES LOWER THAN LAST YEAR?

The average price of gas in Texas is $3.05 as of Monday, below the national average of $3.54.

A year ago, the average cost of a regular grade gallon was $4.28 statewide and $4.38 in Fort Worth.

The current average for a gallon of regular grade gas is $3.06 in Fort Worth, eight cents lower than a week ago.

According to the U.S. Energy Information Administration, a drop in crude oil production and increases in demand will lead to a relatively moderate price increase over the next few months.

WOULD A RECESSION CAUSE LOWER GAS PRICES?

Crude oil demand and prices would likely decline in a recession, according to the AAA.

While gas prices could go down in a recession, external factors like the Russian invasion of Ukraine may keep prices high, according to the Nasdaq Stock Market.