Drivers rejoice: Lowest Independence Day gas prices since 2021, survey reveals

A motorist fills up the tank of a vehicle at a gasoline pump at a Costco warehouse Friday, May 31, 2024, in Aurora, Colo. Gas prices are once again on the decline across the U.S. — bringing some ease to drivers at a time of year when it usually costs a little more to fill up your tank. (AP Photo/David Zalubowski)

(WCIV) — According to GasBuddy’s annual summer travel survey, 45% of Americans plan to head out on the road over Independence Day weekend. Gas buddy also predicts that drivers will appreciate that this July fourth’s gas prices are the lowest holiday price since 2021.

The national average price of gasoline on July Fourth is expected to be $3.49 per gallon, with the projected national average being just a penny lower than it was a year ago ($3.50). However, prices in 2024 and in 2023 are $1.30 below what motorists paid over the holiday in 2022, when the economy became superheated, and Russia’s invasion of Ukraine pushed oil to triple-digits.

Gasoline prices have bounced back slightly after falling as low as $3.39 per gallon in early June, but some states are still seeing significantly cheaper July 4 gas prices than last year.

The top 10 largest changes from a year ago are a trend of declines. Washington leads by having an average gas price of 71 cents lower that a year ago. Other states that are seeing gas price declines include Oregon, Utah, Colorado, Alaska, Wyoming, Idaho, Arizona, Montana and South Dakota. All of which are seeing a decline range of 60 cents to as low as 10 cents.

On the contrary, some states have seen prices jump compared to a year ago. Gas in Ohio has gone up 23 cents, Indiana 22, Michigan 14, Georgia 14 and Delaware 10.

“For those hitting the road to celebrate Independence Day, gas prices have seen modest recent fluctuations, but most states are seeing prices near or even well below where they were a year ago,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While the first half of the summer has been relatively smooth sailing, the road ahead may be bumpy. Activity in the tropics has increased, and projections remain for a very busy hurricane season. Even after the holiday fireworks are over, we’ll be watching for any potential fireworks at the pump that could be brought on by hurricanes disrupting refineries.”