Drivers taking to the road for Independence Day weekend between June 30 to July 5 will spend $2.6 billion less on gasoline than they spent over the same period last year
Good news for summer road trippers: the fireworks displays will be back this year, but the fireworks at the pump are behind us.
Independence Day weekend this year will be much more affordable when it comes to fueling up, according to GasBuddy, the leading fuel savings platform saving North American drivers the most money on fuel. Gas prices this July 4 are projected to be over $1.30 per gallon less than they were in 2022, with the national average estimated to be $3.49 on the holiday this year.
Many Americans can all but forget the record prices paid last year, when the national average surged over $5 per gallon. Some states saw prices cruise back $6, and some stations even saw prices over $7 per gallon. This year is going to see far less pain at the pump on Independence Day weekend, with average prices down over $1 per gallon from last year in 47 states. Just Washington (down 55 cents), Hawaii (down 87 cents) and Oregon (down 90 cents) are seeing average prices less than $1 lower compared to a year ago.
“Much of Covid’s revenge travel is behind us, and thus far this summer, demand for gasoline has been softer than last year, helping to ease the pressure on gas prices. Coupled with an economic slowdown and rising interest rates, Americans are feeling a bit more sluggish about hitting the road again this summer, leading to the lower prices,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “We may continue to see average prices moderate, especially closer to Labor Day, barring hurricanes or other unexpected refinery outages, with steeper price drops coming after summer. But for now, it’s still not a bad time to get outside and hit the road this summer with far lower prices in every state compared to last year.”
According to GasBuddy’s 2023 summer travel survey, 36% of drivers are planning to take a road trip over Independence Day weekend, up 9% from last year. Though prices at the pump remain volatile amidst global economic uncertainty, they are projected to remain in the $3.50 – $4 per gallon range throughout the rest of the summer.
Submitted by GasBuddy