Key facts
- Gasoline prices have dropped for six consecutive weeks.
- The national average gas price is projected to be around $3.75 per gallon for the July 4 holiday.
- This projected price is the second-highest on record for the July 4 holiday.
- Lingering uncertainty in the Middle East is a factor contributing to high prices.
- Retail prices are lagging behind wholesale market declines.
Gasoline prices have experienced a decline for six consecutive weeks, however, the national average is anticipated to hover around $3.75 per gallon for the upcoming July 4 holiday. This projected price point marks the second-highest on record for this particular holiday period. Several factors contribute to the persistence of these elevated prices. Lingering uncertainty in the Middle East continues to influence global oil markets, impacting crude oil prices. Additionally, retail gasoline prices are lagging behind the recent declines observed in the wholesale market, meaning consumers are not yet fully benefiting from the drop in the cost of gasoline before it reaches the pump. This lag contributes to the higher-than-average prices consumers will likely face when planning their holiday travel.