BALTIMORE, MD—Americans hitting the road for the Independence Day holiday can expect to see significantly lower gas prices, with the national average projected to fall to $3.15 per gallon. This marks the lowest July 4th gas price since 2021, according to a forecast released Monday by GasBuddy.
The anticipated price is nearly 35 cents lower than last year’s July 4th average of $3.49 per gallon. GasBuddy attributes the decline to cooling geopolitical tensions in the Middle East and increased oil production from OPEC in recent months.
“With tensions in the Middle East cooling off after a few weeks of volatility, consumers planning to hit the road for the Independence Day weekend will see gasoline prices falling in the run-up to July 4 nearly coast to coast,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
De Haan added that if Middle East tensions remain calm and the U.S. avoids a major hurricane, the national average could even drop below $3 per gallon later this summer.
The decrease is welcome news for holiday travelers, who are expected to spend over $500 million less on gasoline between Thursday, July 3, and Sunday, July 6, compared to last year. This also marks the third consecutive year of declining July 4th gas prices.
Gas prices peaked in 2022 at $4.80 per gallon for the holiday, influenced by the reopening of the U.S. economy and Russia’s war on Ukraine. Since then, the Federal Reserve’s interest rate hikes have helped rebalance supply and demand, with Russia and OPEC continuing to supply millions of barrels of oil to the global market.
Here’s a look at July 4th national average gas prices over the past few years:
- 2020: $2.18/gal
- 2021: $3.12/gal
- 2022: $4.80/gal
- 2023: $3.46/gal
- 2024: $3.49/gal
- 2025: $3.15/gal (projected)
GasBuddy recommends drivers use their app to find the best gas prices, especially near state lines where prices can vary significantly. The company also suggests signing up for a Pay with GasBuddy+ membership for additional savings.
See previous gas price reports here
In and around the Nottingham area, the cheapest gas this week could be found at these locations…
- Bowleys Quarters
- Carney
- Edgewood
- Essex
- Fallston
- Joppa
- Kingsville
- Middle River
- Nottingham
- Overlea/Fullerton
- Parkville
- Perry Hall
- Rosedale
- Rossville
- Towson
- White Marsh
Photo via Pixabay
