Fourth of July gas prices will notch their highest mark since 2014 but remain sharply lower than their all-time high for the holiday.
At about $2.86 per gallon as of today (July 3) morning, the national average price of gasoline is about 63 cents higher than a year ago, according to AAA.
Prices have been stable over the last week but have fallen by 9 cents in the last month, as the commodity eases off its typical spring peak.
Higher oil prices, caused largely by continued production limits at the Organization of the Petroleum Exporting Countries, have nudged gas prices near the $3 mark this year.
The price spike since 2017’s Independence Day is likely to cause motorists about $1 billion in extra gas purchases over the usual four-day travel period, according to fuel-station-finding app GasBuddy’s petroleum analysts.
“Even with high gas prices, however, most motorists aren’t likely to curtail their travel during the most popular summer holiday,” according to GasBuddy.
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