Independence Day Gas Prices Set to Be the Highest in Four Years
Gas prices are expected to hit an average of $2.86 per gallon this Fourth of July, only a little less expensive than the average price during this past Memorial Day
Last week, The News Wheel wrote about a survey from AAA that predicted a record 46.9 million Americans would be set to travel during Independence Day this year. An even more recent AAA study indicates that those Fourth of July travelers should set some extra money aside for fuel.
After all, gas prices during this Independence Day will be at their highest point for the holiday in the past four years.
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AAA’s forecasts point toward an average gas price of $2.86 per gallon. That’s approximately $0.60 more per gallon than gas cost during the Fourth of July a year ago.
However, it’s $0.11 less expensive than gas prices earlier this year during Memorial Day. That summer holiday also saw a record amount of travelers, nearly 42 million in all.
Additionally, gas prices seem to be stabilizing for the summer. Yet, experts warn that any number of factors could cause prices to rapidly rise, ranging from crude oil prices to geopolitical situations in countries like Venezuela.
“If U.S. demand remains strong, domestic and global supply decline and crude inventories continues to sell over $70/bbl, motorists may see the national gas prices average to potentially jump back up to nearly $3/gallon in coming months,” warned Jeanette Casselano, a spokesperson for AAA.
Last week, the price of crude oil hit $74/bbl. This is the highest recorded price for crude oil since 2014.
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Gas is less expensive in some states than others. Right now, the lowest average price of gas nationwide is a recorded $2.53 per gallon in South Carolina, Alabama, and Mississippi.
Yet, it is a Mid-Atlantic state that has experienced the largest monthly decline in gas prices. Delaware gas prices fell $0.18 during the past month, and the average gas price throughout the state currently sits at $2.70.
Unsurprisingly, Hawaii and states along the West Coast are currently facing the most expensive gas prices. The current average price for gas in Hawaii sits at $3.73 per gallon, while gas costs $3.66 per gallon on average in California.
If you decided to postpone a summer road trip until Independence Day instead of setting out on that trip during Memorial Day, you’ve likely saved yourself quite a bit of money on fuel. Just don’t expect a fill-up that is inexpensive.