July 4 gas prices are headed towards a four-year high as more and more travelers choose to travel by car in this holiday season.
The summer is the perfect time for a road trip as the weather is nice and Independence Day is designed to spend time with family and enjoy the fireworks. Gas prices have been increasing steadily over the last year and they are headed towards a four-year high tomorrow.
As of Tuesday morning, the national average price of gasoline was about $2.86 per gallon, which is roughly 63 cents higher than it was a year ago, according to AAA
. However, these prices as still far away from the all-time high July 4 gas prices.
Prices have been mostly stable over the last week, although they have fallen by 9 cents over the last month due to the commodities industry easing off its usual spring peak. Higher oil prices are being caused mostly by production limits around the world at the Organization of the Petroleum Exporting Countries.
Prices were close to the $3 per gallon mark at one point this year. GasBuddy’s petroleum analysts believe that the increase in July 4 gas prices compared to the same day last year is slated to cost vehicle owners an additional $1 billion in gas prices over the four-day travel period.
