Prices at the pump continued to break records Monday as millions of drivers across the country embarked on Memorial Day travels amid the highest inflation in four decades.
The national average was $4.62 for a gallon of regular gasoline, making it the most expensive Memorial Day gas prices ever recorded. The amount is 44 cents more than one month ago and $1.57 higher than a year ago, according to automobile owners club AAA.
Oil prices continued to inch closer to $120 per barrel. WTI crude, the U.S. benchmark, was around $116 per barrel, while Brent crude, the global benchmark, was just shy of $120.
Demand has continued to increase heading into the summer driving season, when prices are typically higher thanks to the demand and a summer fuel blend.
Patrick De Haan, founder of the fuel-price tracking service GasBuddy, predicted on social media that prices are likely to reach $4.75 per gallon in the coming weeks and could top $5 this summer.