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Memorial Day Gas Prices Will Not Terrify, Especially If You Buy At This Time

NEW YORK (MainStreet) — Travelers who are planning to drive out of town this weekend to celebrate Memorial Day are likely to see gas prices maintain their current rates.

Prices at gas pumps across the country are averaging $3.62 a gallon in many states, according to Gasbuddy.com. The lowest price is in Arkansas where gasoline prices are $3.36 a gallon. Gas jumps to $3.43 a gallon in Texas, $3.86 in New York and as high as $4.12 in California. The highest gas is in Hawaii at $4.35.

Also See: Prepare to Pay More For Gas As Summer Approaches

Regular gasoline retail prices will continue to stay within this range and is projected to reach an average of $3.61 per gallon during the summer months of April through September, the Energy Information Administration said. The annual average regular gasoline retail price was $3.58 per gallon in 2013.

Gasoline prices should continue to retreat, said Chris Faulkner, CEO of Breitling Energy, a Dallas oil and gas exploration and production company.

"It's always a good thing when travelers have more money for beer and BBQ than having to plow it all toward gasoline," he said. "Travelers can keep more cash in their wallets."

Also See: States That Pay the Most for Gas

The company's energy models predict gasoline prices to be at or slightly below last year's levels for the holiday weekend, Faulkner said. The factor leading to declining gasoline prices can be attributed to the fact that crude oil supplies in the Gulf Coast are continuing to put downward pressure on the price of gasoline as demand reached its highest level since 2009.

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