Jun 20, 2022 - Economy

U.S. gas price average dips below $5 ahead of July 4 travel weekend

Traffic in San Francisco as gas prices rise.

Traffic in San Francisco, California. Photo: David Paul Morris/Bloomberg via Getty Images

The average price for gas in the U.S. is now slightly below $5, but prices could rise again before Fourth of July weekend.

Driving the news: The AAA average for a gallon of unleaded gas dipped below $5 this weekend, giving consumers a slight break from pain at the pumps.

  • Gas prices fell to $4.983 on Sunday and then $4.981 per gallon on Monday.

Context: The national average price for regular gasoline has remained steady at around $5 per gallon since June 11, according to GasBuddy's gas price charts.

The big picture: High gas prices are contributing to the forthcoming "bummer summer," since the prices at the pumps are upsetting a number of Americans, Axios' Emily Peck writes.

  • "It just feels bad to spend $5 when you're used to spending $3," Carola Conces Binder, an economics professor at Haverford College, told Axios.

What's next: Patrick De Haan, a GasBuddy analyst, predicted last week that national gas prices could drop to $4.75 or $4.85 per gallon by July 4.

Yes, but: Tom Kloza, global head of energy analysis for gas price tracker OPIS, told CNN that gas prices will likely rise again soon due to the demand caused by schools being let out and the summer travel season kicking off.

  • He said gas prices could even reach $6 per gallon.
  • "Anything goes from June 20 to Labor Day," he told CNN.

Worth watching: President Biden said Monday that he hoped to make a decision on a gas tax holiday by the end of the week, NBC News reports.

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