The average national gas price Monday is $4.897 per gallon, according to the American Automobile Association, which is down 12 cents from its peak of $5.016 on June 14. So, What to Expect for July 4th Gas Prices?
Patrick De Haan, GasBuddy’s head of petroleum analysis, predicted Sunday the national average for gas prices could fall to as low as $4.75 by July Fourth as crude oil prices fall.
That would still represent a more than 50% increase from last July Fourth, when the national average gallon of gas was $3.13, per AAA.
Still, AAA forecasts a record-high 42 million Americans will travel 50-plus miles over the holiday weekend – a telling sign as demand for gas remains largely unfazed by the historic prices at the pump.
Despite the recent cooling in gas prices, it’s unlikely gas prices will fall as quickly as they surged. Gabe Ortega, PDI Software’s fuel pricing practice leader, told Newsweek, “It’s hard to see the case for prices coming down in a meaningful way in July” with demand not dropping, an inability to increase refinery capacity and relatively high oil prices.
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