Americans are expected to spend about $4.7 billion on gas over Memorial Day weekend

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Americans are expected to spend roughly $4.7 billion on gas during the Friday through Monday of Memorial Day weekend, according to GasBuddy, an app and website focused on finding real-time fuel prices.

That breaks down to about $1.18 billion spent on gas each day, give or take $1 million, Patrick De Haan, head of petroleum analysis at GasBuddy, tells CNBC Make It. 

GasBuddy predicts the national average price of gasoline will be $2.98 per gallon during Memorial Day weekend, the highest price on record for the May holiday weekend since 2014 when gas hit $3.66 per gallon. (AAA is reporting slightly higher averages at $3.04 per gallon, as of Thursday.) 

“Gas prices have been increasing for months due to the continued rise in gasoline demand as a myriad of destinations reopen ahead of the summer driving season. The Colonial Pipeline shutdown only highlighted how much more reliant consumers have become on gasoline since the pandemic hit,” De Haan says. 

Gas prices should start to ease up after Memorial Day, but De Haan warns that a rebound may happen and gasoline prices could rise again around the middle of summer.

If you are planning a road trip this summer, here are a few tips to help you save at the pump. 

1. Compare prices

2. Make sure your car maintenance is up-to-date

3. Drive calmly

4. Take advantage of loyalty programs

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