Gas prices are slowly dropping ahead of July Fourth and may be coming down ahead of one of the most popular driving days of the year.
There are gas prices at a gas station.
According to the American Automobile Association, the average national gas price is $4.897 per gallon, which is down 12 cents from its peak on June 14.
Patrick De Haan of GasBuddy predicted on Sunday that the national average for gas prices could fall to $4.75 by the July Fourth holiday.
The national average gallon of gas was $3.13 in July of last year.
As demand for gas remains largely unperturbed by the historic prices at the pump, 42 million Americans will travel 50 miles or more over the holiday weekend, a new record according to the American Automobile Association.
It is not likely that gas prices will fall as quickly as they rose. With demand not dropping, an inability to increase refinery capacity and relatively high oil prices, it's hard to see the case for prices coming down in a meaningful way in July.
There are gas tax holidays at the federal level. President Joe Biden called for a three-month suspension of the federal gas tax last week, but his proposal didn't get much support from the legislature. The gas taxes in several states have been paused.
A video about a gas boycott that was posted earlier this month has racked up more than 14 million views and 2.4 million likes, making it one of the most popular videos on social media. The boycott isn't going to work because consumers simply filling up their tanks before the period is over doesn't really change demand.
The summer jam will set a road-tripping record on July 4th.
It will be the most expensive travel weekend in years.
There is a federal gas tax holiday. Here is how it could affect prices at the pump There is a magazine called "Forbes."
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