ALBANY, N.Y. (NEWS10) – Drivers will be facing the most expensive July 4 at the pump in history this year- but the news isn’t all bad. According to GasBuddy, gas prices across the nation 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 in early June, drivers will feel a bit of relief- though many were already determined to hit 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 trips specifically on Independence Day weekend. That’s good for the second most popular travel weekend of the summer, behind Memorial Day.
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 whopping 52% increase from 2021.
“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.
De Haan went on to say, while we may see relief as we approach the July 4 holiday, the volatility in markets remains high. We could still see a huge spike in gas prices later this summer, if a hurricane were to threaten Gulf Coast oil refineries or oil platforms. Prices could go up at a moment’s notice, and set new records again, he said.
President Joe Biden asked Congress on Wednesday to end the federal gas tax for three months, which could potentially lead to an 18-cent decrease in gas prices 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 driver saves $25 to $70 over three months.
To save money on gas while traveling, GasBuddy recommends drivers shop around for the best prices, using a price comparison tool. Drivers can also stretch gas dollars further by increasing their fuel efficiency with better driving habits and proper car maintenance.