Fueling Up for Independence Day: What to Expect at the Pump

As the Fourth of July approaches, drivers across the United States will be greeted with a pleasant surprise at the gas pump. According to a recent projection from GasBuddy, this year’s holiday will see the lowest gas prices for Independence Day in three years. While fireworks light up the sky, motorists can fill up their tanks at an average price of $3.49 per gallon, a figure that has not been this low since 2020. This year’s Independence Day falls on a Thursday, offering a perfect opportunity for a long weekend road trip without breaking the bank.

Patrick De Haan, the Head of Petroleum Analysis at GasBuddy, noted that although gas prices have experienced modest fluctuations recently, most states are witnessing prices either near or well below what they were last year. For instance, a gas station in Falls Church, Virginia, reported significantly lower prices in October 2022. This year’s forecast represents a one-cent drop from 2023 and an impressive $1.30 decrease compared to 2022. It seems that, at least for now, drivers can rejoice in the affordability of their holiday travels.

However, it’s not all smooth sailing from here. As De Haan pointed out, the first half of the summer has been relatively uneventful in terms of gas prices, but the future could hold some bumps in the road. Activity in the tropics has ramped up, and forecasts predict a very busy hurricane season. The Atlantic hurricane season kicked off on June 1, with its earliest hurricane, Beryl, already moving through the Caribbean. Hurricanes have the potential to disrupt refineries, which could lead to an increase in gas prices post-holiday. So while the fireworks may end on the Fourth, we might see some metaphorical fireworks at the pump later in the summer.

Meanwhile, the cost of celebrating the Fourth of July extends beyond the gas pump. The American Farm Bureau has projected that a 10-person Fourth of July cookout will cost households $77.22 this year, marking a 5% increase from last year. This translates to roughly $7.12 per person. Despite the increase in food costs, the affordability of gas may offer some financial relief for those planning to hit the road to enjoy the holiday festivities.

With the best cities in the U.S. offering grand celebrations, families and friends can still look forward to enjoying parades, barbecues, and fireworks displays without the added stress of high travel costs. Whether you’re traveling to the bustling streets of New York City, the historic sites of Washington D.C., or the sunny beaches of Los Angeles, the significantly lower gas prices can make your journey a bit more enjoyable.

As we prepare to celebrate America’s 247th birthday, the combination of lower gas prices and good company is sure to make this Fourth of July one to remember. From coastal road trips to backyard barbecues, the spirit of independence and the joy of togetherness remain priceless, even as we navigate the ever-fluctuating costs of celebrating the red, white, and blue. Safe travels and happy Fourth of July!