The national average gas price is sitting at a 10-year low for Memorial Day weekend, and Americans shouldn't expect to pay much more at the pump this summer, GasBuddy CEO Walt Doyle said Friday.
The current average price is $2.33 per gallon, 40 cents less than at this time last year and more than a dollar cheaper than in 2014, according to GasBuddy, an operator of fuel price monitoring apps.
With gas prices at multiyear lows, the company forecasts Americans will spend $12 billion at the pump this weekend. More than half of the respondents to a GasBuddy survey said they plan to drive more than 400 miles during the long weekend.
"Cheap gas is clearly fueling the desire to have a road trip and enabling the consumer to do that with less discomfort on the pocket," Doyle told CNBC's "Squawk on the Street."
GasBuddy estimates the national average will remain between $2.15 and $2.50 this summer, even during the peak driving season in July and August.
While oil prices have rebounded to $49, stockpiles of crude and refined fuel products are both up significantly from last year, Doyle said. U.S. refinery maintenance is also poised to wrap up in time to get gasoline flowing for peak driving season, he said.
States near the Gulf of Mexico can expect to pay the lowest price thanks to proximity to refiners and low gasoline taxes, while Californians will likely dole out about a dollar above the national average, Doyle said.
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