Gas prices are expected to remain above $3 per gallon through the Fourth of July weekend, the highest since 2014, according to GasBuddy.
While there was a small drop in prices in metro Detroit and Michigan over the last week, the national average price on July 4 is expected to be $3.11 per gallon, about 93 cents more than last yar's national price.
“With the economic recovery from Covid 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.”
According to GasBuddy's annual summer travel survey, 74% of those who plan to take a road trip will be taking at least two, which aligns with an increasing demand for gasoline.
With the COVID-19 recovery continuing this summer, oil prices and demand is expected to remain high and keep gas prices above $3 per gallon for most of the summer and even through Labor Day.
Average Fourth of July gas prices below.
