U.S. Drivers Expected to Pay Lowest Gas Prices for 4th of July in 12 Years
UNITED STATES - Drivers in the U.S. are expected to see the lowest average gas prices for Independence Day since 2005.
For the first time in GasBuddy history gas prices will be lower on July 4th than New Year’s Day! Patrick DeHaan, Senior Petroleum Analyst at GasBuddy, says motorists will be paying an average of $2.21 per gallon, well under the 10 year average of $3.14, according to GasBuddy.
"We haven't seen a July for this cheap since 2005 so this is quite a record. It goes back 12 years. Gas prices indeed have been falling as we approach July four, in fact now the Indiana statewide average (is) $2.13 cents per gallon. That's nine cents lower than last year, prices now about .11 cents a gallon lower than a month ago."
Although average gas prices are at historic lows, the price variance “spread” in industry parlance in gas prices in any given city on July 4th will be at historic highs.
This means there is a higher chance consumers will overpay at the pump over the holiday weekend.
SUV drivers can save on average $11 per fill up by stopping at the favorable end of the price spread. While smaller cars can save $6.
The spread between the nation’s lowest and highest priced gas stations stands at $1.29 per gallon, sharply higher than the 10- year average of 98 cents per gallon for this time of year.