4th of July Gas Prices Drop: Fireworks in Wallets Expected

4th of July Gas Prices Drop: Fireworks in Wallets Expected

3 minute read
Published: 7/3/2024

This Fourth of July, Americans can celebrate with a little more change in their pockets as gas prices are expected to hit a three-year low, averaging $3.49 per gallon nationwide.

Just in time for the holiday, drivers will find a pleasant surprise at the pump with gas prices set to reach their lowest point in three years, down a whole penny from last year. With nearly 61 million people projected to travel during the busiest Independence Day week ever, at least there’s one less thing to gripe about while stuck in traffic—unless, of course, a surprise hurricane decides to crash the party.

The slight decrease in gas prices compared to last year may not seem like much at first glance—a penny saved is, well, a penny saved—but every bit helps, especially when planning a road trip. And given the state of gas prices in 2022, when the average cost was $3.50 due to geopolitical turmoil, this year's price dip feels almost like a belated gift from Uncle Sam.

Washington residents, in particular, are rejoicing at the pump, where they’re paying 71 cents less per gallon compared to a year ago. It’s almost as if the state has collectively won a small lottery! This state-wide cheer is echoed in various parts of the country where drivers will see considerably lower costs this Independence Day.

Of course, good news rarely travels alone. The quirky nature of gas prices is showing its face again as they've nudged up slightly since their early June drop to $3.39 per gallon. While it’s not a drastic hike, it’s enough to make you wonder if the gas gods just can’t make up their minds. Perhaps they got wind of AAA’s prediction of the busiest July 4th travel week and decided to keep things interesting.

Speaking of AAA, they're estimating nearly 61 million people will hit the roads this holiday week. That's a lot of patriotic fervor and a whole lot of potential idling in bumper-to-bumper traffic. But hey, with slightly lower gas prices, those extended periods of stationary vehicular bonding might be a touch more bearable.

However, as carefree as this reduction may seem, it's prudent to remember that hurricane season is lurking in the shadows. Hurricanes have a notorious reputation for messing with refinery operations, and any significant storm could send gas prices surging. In fact, Hurricane Beryl, the earliest Category 5 storm on record, previously pushed U.S. oil prices above $84 a barrel. With nature's unpredictability, it's best to savor the current respite while it lasts.

For now, though, let's bask in the modest glory of cheaper gas. Whether you're planning to visit Aunt Gertrude three states away, or simply hopping across town for a barbecue, that extra change in your pocket might just cover the cost of an extra hot dog. Mind you, no one said anything about sparklers being part of the bargain, but you can't have it all.

As the holiday approaches, remember to follow usual travel safety tips—share your travel plans, check your tire pressure, and limit the number of times you sing ‘The Star-Spangled Banner’ to avoid road rage incidents. Let’s hit the roads responsibly and enjoy the economic relief as gas prices for this July 4th are projected to hit their lowest level in three years and be slightly lower than last year.