FORT WAYNE, Ind. (WOWO): Missions of Americans are planning to hit the road this Independence Day, and that increased demand is going to make last year’s $2.18 per gallon price a distant memory.
That’s according to GasBuddy’s latest summer travel projection, which says the national average price for a gallon of gas will be around $3.11 on July 4th.
“With the economic recovery from COVID-19 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.”
74% of Americans plan to take at least two road trips this summer.