GasBuddy: Debt ceiling talks could increase Memorial Day fuel prices

Published: May. 22, 2023 at 6:54 PM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

(WNDU) - With the summer driving season around the corner, gas prices are already on the rise.

“In fact it’s possible we’ve already seen the peak for this year,” noted Patrick DeHaan, lead petroleum analyst at GasBuddy.

Down from $3.51 last week, average prices are currently around $3.38 in Michiana, but that all could change, depending on how debt ceiling negotiations fare in Washington, D.C.

“A lot of the jump in wholesale prices has to do with discussions over the debt ceiling and if the U.S. will hit it or not, or if politicians will come together to make a deal. There has been some optimism that a deal will be struck, and that’s pushing oil and the overall stock market up on the hope that if there is a deal, it would likely reduce the chances of a recession,” DeHaan explained.

Before leaving town for the weekend, DeHaan has several recommendations to help drivers save money:

  • Fill up vehicles on Tuesday or Wednesday
  • Shop around for the best prices using an app, especially for travelers crossing state lines
  • Slowing down a little can improve fuel efficiency