According to a recent GasBuddy study, July 4 gas prices will reach their highest in four years this holiday week.
Motorist can expect to shell out an average of $2.90 per gallon this July 4. They also say the national average just hit $3.66 per gallon, which can't be music to the ears of drivers traveling long distances for Independence Day.
After five-straight weeks of prices dropping, gas prices are likely to increase again ahead of July 4 as oil prices surged to $73 per barrel yesterday, the highest since 2014.
The difference may not seem significant given that current gas prices are below the peak of $2.98 per gallon hit in May, but over the first four days of July, gas purchases will cost motorists $1.02 billion more than last year.
Even with high gas prices, however, most motorists won't curtail their travel during the most popular summer holiday, due to its appeal tradition celebrating the nation’s birthday.