Gas Prices are Way Down Compared to Last Year’s Fourth of July Holiday

Consumers are finally experiencing some relief from the sky-high gas prices they endured last summer.

According to AAA, a record number of people will be traveling this Fourth of July. But, the good news is that gasoline prices are much lower than they were last year and many consumers are not sacrificing their holiday travel plans.

Last Thursday, the national average for gas was $3.55 per gallon, compared to last year’s average of $4.87 per gallon, AAA reported. Patrick De Haan, head of petroleum analysis at GasBuddy, explained that the average motorist is spending $20 less to fill up their vehicle compared to this time last year.

There is fear that gas prices might spike back up due to many factors. Russia’s oil experts have not been derailed by the war in Ukraine or sanctions in the West yet, CNN reported, but many believe the oil market will get tighter by next year. Also, De Haan at Gasbuddy believes Russia remains a source of risk for gas prices.

So, enjoy this holiday and take advantage of the lower gas prices while you can.