Americans setting out for Memorial Day travel were hit with record-high gas prices as the average cost for a gallon of fuel spiked to $4.62 nationwide, according to the latest data from the American Automobile Association.
But Patrick De Haan, head of petroleum analysis at GasBuddy, told CNBC that not "as many people are going to hit the road, and if they do, I think a good portion are going to be staying close to home."
"There definitely should be a noticeable bump," De Haan continued, "but my impression is people are not driving as far. The concern is high prices that are keeping people a little closer."
California motorists were hit the hardest Monday. In parts of Los Angeles, San Francisco, and the Yosemite region, gas prices, according to the New York Post, topped $7.25 per gallon, a price on par with the federal minimum wage.
Meanwhile, Bloomberg reports that the new highs for Memorial Day weekend are about 52% higher than prices last year. And analysts predict that by the July Fourth holiday, more states will cross the $5 per gallon threshold as demand is expected to increase amidst tight supply.
Last week President Joe Biden said his administration had actually prevented gas prices from going higher while at the same time guiding the United States through an "incredible transition."
"[When] it comes to the gas prices," the president said, "we're going through an incredible transition that is taking place that, God willing, when it's over, we'll be stronger and the world will be stronger and less reliant on fossil fuels when this is over."
He then insisted that his administration had saved gas prices "from getting worse — and it's bad."