Fourth of July weekend gas prices lowest since 2021
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The national average gas price for the Independence Day weekend is expected to be the lowest holiday price since 2021 but prices have been rising in recent weeks with record travel demand.
Why it matters: Nearly 71 million people will travel during the holiday week with a record 60.6 million people traveling by car, according to AAA's holiday forecast.
- The percentage of people traveling by car is up 4.8% from last year when 57.8 million people traveled by car, AAA said.
The big picture: The national average price for regular unleaded gasoline was $3.51 per gallon Wednesday, up from $3.49 a week ago but down from $3.54 a year ago, AAA data shows.
- The average cost of gas was $4.79 during the holiday weekend in 2022.
Zoom in: Most states are seeing prices near or below last year's holiday prices, Patrick De Haan, head of petroleum analysis at GasBuddy, said in a blog post.
- The top 10 largest changes from a year ago are all declines, according to GasBuddy.
- Washington's average price is 71 cents lower than a year ago, Oregon's price declined 60 cents and Utah 44 cents, per GasBuddy.
Yes, but: A few states including Florida have seen increases over last year's prices, AAA data shows.
- Florida's state average is up 25 cents from this time last year, Ohio's is up 19 cents and Indiana is up 18 cents, per AAA.
What they're saying: "While the first half of the summer has been relatively smooth sailing, the road ahead may be bumpy," De Haan said noting projections call for a busy hurricane season.
- "Even after the holiday fireworks are over, we'll be watching for any potential fireworks at the pump that could be brought on by hurricanes disrupting refineries," De Haan said.
- Andrew Gross, AAA spokesperson, said in a June 27 news release that summer got off to a slow start with low gas demand.
- "But with a record 60 million travelers forecast to hit the road for the July 4th holiday, that number could pop over the next ten days," Gross said.
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