4th of July gas prices expected to remain more than $1 lower than 2022

WILMINGTON, NC (WWAY) — If your 4th of July plans have you hitting the road, you’ll save a good amount at the pump this year.

According to GasBuddy, gas prices are projected to be more than $1.30 per gallon less than they were in 2022, with the national average estimated to be $3.49 on the holiday this year.

Around 4th of July last year, the national average surged over $5 per gallon.

“Much of Covid’s revenge travel is behind us, and thus far this summer, demand for gasoline has been softer than last year, helping to ease the pressure on gas prices. Coupled with an economic slowdown and rising interest rates, Americans are feeling a bit more sluggish about hitting the road again this summer, leading to the lower prices,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

According to GasBuddy’s 2023 summer travel survey, 36% of drivers are planning to take a road trip over Independence Day weekend, up 9% from last year.