Gas Prices Lower Than a Year Ago Despite Recent Jump

(Undated) — Gas prices jumped as oil prices surged. According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, President Trump’s decision to reduce tariffs and strike new trade deals has inspired optimism that a major tariff-induced economic slowdown might be avoided, driving oil prices higher. De Haan says in addition to gains in price-cycling markets, rising oil prices fueled by economic optimism and tightening gasoline inventories contributed to broader upward pressure on prices. He says while Americans are still seeing significant savings compared to a year ago, that gap has narrowed as oil prices have rebounded. De Haan says as we approach Memorial Day, motorists can expect one of the most affordable summers for hitting the road since the pandemic, with gas prices tracking at some of the lowest inflation-adjusted levels in years.