Market Overview

Planning To Travel This Holiday Weekend? Gas Price Forecast Is Mostly Clear

Planning To Travel This Holiday Weekend? Gas Price Forecast Is Mostly Clear

Good news for everyone looking to take a road trip next weekend! Gas prices ahead of the July 4 holiday weekend are expected to be the lowest since 2005, according to GasBuddy.

Motorists will pay an average of $2.21 per gallon, which is notably below the 10-year average for the July 4 holiday weekend of $3.14 per gallon, GasBuddy stated in a press release. At the same time, the national average gas price is on track to be lower on July 4 than it was to start the year for the first time in GasBuddy's 17-year history of tracking gas prices.

Over the past 10 years, the average price of gas across the U.S. has been as much as $1.04 per gallon higher on July 4 than New Year's Day.

On the other hand, some motorists will be overpaying at the pump during the holiday weekend, GasBuddy's report added. The difference between the country's lowest and highest priced gas stations stands at $1.29 per gallon, sharply higher than the 10-year average of 98 cents per gallon for this time of the year. In fact, the spread between gas stations within the same state is as high as 51 cents per gallon.

"It's thrilling to see gas prices falling just in time for the most-traveled summer holiday. Perhaps we can finally get rid of the myth that gas prices go up for the holiday," said Patrick DeHaan, GasBuddy senior petroleum analyst. "Most importantly, motorists are getting a well-deserved break at the pump after years of high summer gas prices. This is like Christmas in July, instead of seeing fireworks at the pumps like we saw just a few short years ago."

Related Links:

This Might Be The Cheapest Summer At The Gas Pump In 12 Years

Motorists Spend $198 Million Daily On Gasoline Tax

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