Biden admin claims gas prices have ‘stabilized’ amid Memorial Day record high

Americans "...are paying less in real terms for gas than they have on average over the last 15 years—and they're paying about the same as they did in May 2018 and May 2019," Psaki said Friday via press statement.

"...prices have already stabilized after a spike earlier this month, as the Colonial Pipeline is fully flowing, and the supply situation returns to normal," she said.

Psaki promised that the Biden administration would not raise gas taxes. "The President knows that gas prices are a pain point for Americans—especially the middle-class families he's put at the center of his economic agenda. That's why President Biden is opposed [sic] any proposals to raise the gas tax," she added.

The Colonial Pipeline, which is responsible for 45 percent of America's fuel, is back since the ransomware attack earlier in May, but several areas are still suffering with short supplies. Drivers also still need to refuel over the long weekend.

In some Southern states, gasoline jumped more than 20 cents per gallon as panicked drivers filled tanks and shortages shut down gas stations altogether.

CNBC reported that gas prices are expected to reach record levels for Memorial Day weekend since 2014 and could stay elevated all summer. Americans are hitting the road to resume normal activities and enjoy holidays post-pandemic.

The current average price for unleaded gasoline is $3.04 per gallon, 16 cents more than one month ago and $1.08 per gallon higher than last year, AAA cites. The motor club federation expects 37 million Americans to travel this weekend, a 60 percent increase over the last year when the economy was still shut down.

Several economists have stressed that the role of inflation has driven prices up.

"Everyone wants to get out. If there's any hiccup in the system this summer, it's going to be hard to fuel up," said Patrick De Haan, the head of petroleum analysis at industry monitor GasBuddy, who predicts an increase of driving vacations since international travel is still difficult.

"Usually when prices go up 50 cents, people say they'll just stay home, but not this year, with the pent-up demand. If there's any kinks in the system, it could get ugly," De Haan said to CNBC.