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Gas Prices to Remain Highest Since 2014 for 4th of July Weekend Featured

The national average price of gas holds steady over $3 per gallon as millions of Americans take to the road for Independence Day weekend 

Big Idea

  • Rising gas prices have become the theme for 2021 summer travel
  • Prices expected to remain above the $3 per gallon mark for many drivers
  • Gas demand is very strong
  • The road may remain bumpy until the pandemic is behind us
  • Read more...

 

Oil prices are likely to remain elevated

Rising gas prices have become the theme for the 2021 summer travel season. According to GasBuddy, many drivers will see prices remain above the $3 per gallon mark in time for the upcoming holiday weekend. Even with some relief from a recent small drop in prices, the national average price of gas on July 4 is still expected to be $3.11 per gallon, some 43 percent, or 93 cents more than last year’s Covid-induced price of $2.18.

According to GasBuddy’s annual summer travel survey in May, 46 percent of Americans’ plans this summer were affected by high gas prices, which had been rising steadily until recently. Prior to the upcoming holiday weekend, Americans saw gas prices spike in early March, and again in mid-May due to increasing demand and the Colonial Pipeline shutdown.

“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,” said Patrick De Haan, head of petroleum analysis at GasBuddy. 

“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.” According to GasBuddy’s annual summer travel survey, 74 percent of those planning to take a road trip will be taking at least two, further emphasizing the increased demand for gasoline.

With Covid recovery continuing this summer, oil prices are likely to remain elevated, keeping gas prices above $3 per gallon for most of the summer. Labor Day is poised to feature $3+ prices as well, and should any hurricane disrupt supply chains, prices may rise even further.

About GasBuddy GasBuddy is the leading fuel savings platform providing North American drivers with the most ways to save money on gas. GasBuddy has delivered more than $3 billion in cumulative savings to its users through providing real-time gas price information at 150,000+ stations, offering cash back rewards on purchases with brand partners, and through the Pay with GasBuddy™ payments card that offers cents-off per gallon at virtually all gas stations across the US. As one of the most highly-rated apps in the history of the App Store, GasBuddy has been downloaded nearly 100 million times. Acquired by PDI Software in 2021, GasBuddy’s publishing and software businesses enable the world’s leading fuel, convenience, QSR and CPG companies to shorten the distance between the fueling public and their brands. For more information, visit www.gasbuddy.com.

 

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Last modified on Thursday, 24 June 2021 13:42
Published in Arizona News
Patrick De Haan

Patrick De Haan is the head of petroleum analysis for GasBuddy, and has developed into the leading source for reliable and accurate information on gas price hikes. Recognized as a gasoline price expert, Patrick brings to GasBuddy and our readers all his assets to help consumers by giving reliable and accurate price forecasts.The San Jose Mercury News dubbed Patrick "one of the nation's most accurate forecasters" in 2012.

Besides keeping people up-to-date on the best local gas prices, GasBuddy also offers other ways to save money at the pump.

https://www.gasbuddy.com

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