While the demand for gasoline rises and moves prices higher, the national average remains far lower than past years.
(Lawrenceburg, Ind.) - Planning on taking a road trip this weekend? Well, this could be the once of best year to do so.
Since many Independence Day events have been cancelled, Americans may be tempted to hit the road for a weekend getaway due to the low gas prices. The projected national average of gas prices should be around $2.17.
GasBuddy reports that with concerns of a possible upcoming wave of COVID-19 cases, oil prices have turned south, which could result in the overall average price of gasoline to stop rising, meaning some of the lowest Independence Day gas prices since 2004.
“2020 continues to be anything but a normal year, and low gas prices have persisted into summer’s unofficial halfway point, Independence Day. While gasoline demand has continued to rebound, there is anxiety about the recent surge in new coronavirus cases in the U.S., and that could prevent gas prices from seeing a continued rebound. However, we’re currently in the midst of the lowest summer gas prices we’ve seen in some 15 years,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “For now, expect a roller coaster ride at the pump, but conditions to socially distance and hit the road remain ripe for those able to do so. Prices in all 50 states remain well-below year-ago levels, but should the coronavirus situation improve significantly, gas prices will follow. At the end of the day, I expect this summer to have been the cheapest in well over a decade, so pack your bags, masks and hand sanitizer and hit the road.”
Gasoline demand has bounced back over 50 percent from the lows seen in April, but continues to remain approximately 18 percent lower than prices a year ago.
If COVID-19 cases start to decline, prices and demand are likely to increase heading into Labor Day.
“I’ll reiterate that while forecasting gasoline prices this summer has been the most challenging of any year in GasBuddy’s 20-year history and with the coronavirus situation impossible to predict, I think by Labor Day we could see a national average of $2.25-$2.50 per gallon,” De Haan said.
Below, find the historical national average price per gallon on Independence Day reported by GasBuddy:
2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 |
$1.44 | $1.38 | $1.48 | $1.87 | $2.20 | $2.91 | $2.94 | $4.09 | $2.61 | $2.71 |
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
$3.56 | $3.34 | $3.48 | $3.66 | $2.77 | $2.27 | $2.22 | $2.87 | $2.76 | $2.17* |
*projected