Drivers will face record high gas prices ahead of July 4 even as prices continue to tumble, experts say.
The national average for a gallon of gas is down 9 cents from last week and is forecast to fall another 10 to 20 cents by Independence Day, offering drivers a little relief, according to a GasBuddy analysis.
Those gearing up to hit the road can expect to pay an average $4.85 per gallon on July 4, marking the highest price on record for the busy travel weekend, experts said. The national average hit $2.18 during the 2020 holiday before climbing to $3.12 in 2021.
Prices at the pump this 4th of July weekend will be some of the highest on record, but it's not all bad news for holiday road trippers. #GasPrices will likely drop about 10 to 20 cents per gallon by the time fireworks are flying More & tips to save: https://t.co/NU22kkAwhz pic.twitter.com/QWqb4pkuFA
— GasBuddy (@GasBuddy) June 23, 2022
The good news comes weeks after the national average ballooned to $5 per gallon following a spate of painfully high prices at the pump. The rising prices prompted President Joe Biden to call for a three-month gas tax holiday to bring them down, McClatchy News reported.
Still, drivers seem largely unfazed according to a recent GasBuddy survey showing 58% of Americans still plan to take a road trip this summer.
“It’s been a scorching summer at the pump with record prices set in every state,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement. “While we may see brief relief here and there, the high prices don’t seem to be holding many Americans back from hitting the road with the economy fully reopen.”
Citing market “volatility,” De Haan warned drivers could still see a “super spike in gas prices later this summer.”
The national average fell to $4.89 per gallon as of Monday, June 27, according to AAA. Industry experts cited a decrease in the global price of oil for the recent dip in prices, plus fears of an economic recession.
“The cost of oil accounts for nearly $3 for every $4.89 at the gas pump,” AAA spokesman Andrew Gross said. “Consumers should find more relief when fueling up if oil prices drop further.”