Gas prices expected to drop 10 to 20 cents by July 4 & More Latest News

 

GASBUDDY – Drivers will be facing the most expensive July 4th at the pump ever in 2022, though the news isn’t all bad according to GasBuddy.

U.S. gas prices are expected to drop 10 to 20 cents by Independence Day. After months of fireworks at the pump, culminating in a $5 national average recorded for the first time just weeks ago, drivers will feel a bit of relief, though many were already determined to get out on the road despite high prices.

According to GasBuddy’s annual summer travel survey, of the 58% of Americans planning to take a
road trip this summer, 33% planned to travel specifically on Independence Day weekend. This will be
the second most popular travel weekend of the summer, following Memorial Day. And though many
will hit the road for the upcoming holiday weekend, 70% of drivers said they changed their summer
road trip plans because of high gas prices, a 52% increase from last year.

“It’s been a scorching summer at the pump with record prices set in every state. 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,” said Patrick De Haan, head of petroleum analysis at
GasBuddy. “While we may see relief as we approach July 4, and potentially after, the volatility in
markets remains high. We still could see a super spike in gas prices later this summer, should a
hurricane threaten Gulf Coast oil refineries or oil platforms. Motorists should know that while we may
see small relief today, risks remain that prices could go up at a moment’s notice and set new records
again.”

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Wednesday, President Biden announced his desire to halt the federal gas tax for three months, which
would potentially lead to an 18.4-cent decline in gas prices in order to offer relief. If the tax is
suspended, prices at the pump could drop even further this summer, saving American drivers
collectively about $70 million per day while the average motorist saves $25-$70 over three months.
In order to save money on gas while traveling, GasBuddy recommends drivers shop around for the
best prices, using a price comparison tool like the GasBuddy app. Drivers can also stretch gas dollars
farther by increasing their fuel efficiency with better driving habits and proper car maintenance.

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