Memorial Day Weekend is approaching, meaning many Alabamians will be hitting the road. In a turn of events, drivers could save this year.
“Usually, that’s our high price point of the year, and it’s very unusual to see prices dropping as we get close to that holiday weekend,” said Clay Ingram with AAA Alabama.
According to AAA, growing fears of a global recession have allowed crude oil prices to drop by almost $20 a barrel.
Ingram shared that Investors are worried fewer people will travel this summer, so prices are lowered.
“Nobody wants a global recession, but the fact that gas prices are dropping is a welcome sight,” Ingram said.
It is a “welcome sight” after the higher fuel costs Alabamians saw due to the Russian invasion of Ukraine.
Now, AAA reports countries boycotting Russian crude oil are getting it from other places.
Ingram says it’s unclear if the ongoing war could once again impact Alabamians’ wallets.
“A lot of potential for that situation to kind of flare up again and cause more problems,” he said. “No guarantees for us along the way, but at least, at the moment, things have calmed down.”
Source : WSFA
