Gas will remain above the $3 per gallon mark all the way through 4th of July weekend, GasBuddy reports. These are the highest prices the country has seen since 2014.
The July 4th gas prices are expected to be $3.11 per gallon, which is 93 cents more than last year’s price of $2.18. Over the span of one year, the dramatic decrease in driving during the pandemic to the recent resurgence back to the roads brought on this 43% price increase.
Gas prices saw similarly high spikes in March and mid-May due in part to the Colonial Pipeline shutdown.
According to GasBuddy’s travel survey, 46% of Americans’ plans were interrupted by the summer’s high gas prices. Though, 74% of people taking a road trip this summer will be taking at least two, the survey reports, further stressing the dramatically high demand for gasoline right now.
Though, the end of the lofty prices may be in sight, according to Patrick De Haan, head of petroleum analysis at GasBuddy.
“With the economic recovery from COVID continuing, gasoline demand has been very strong. Amidst lower oil production as oil companies struggle to raise output, gas prices have been higher this summer than in the past few years,” he said in a press release.
“However, once market forces begin to balance, I expect prices to moderate this fall and over time, oil production will again rise, helping bring gas prices down to earth as soon as this fall, but the road may remain bumpy until the pandemic is behind us,” he said.
Currently, as the country returns to a state of normal, it is likely that gas prices will remain over $3 through most of the summer. Labor Day weekend is expected to see the same $3+ prices as well, and should any hurricanes disturb supply chains, costs could rise even further.
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