Fireworks at the pump as gas prices jump just in time for July 4
BOSTON – Millions of Americans will be hitting the road for Independence Day just as gasoline prices have risen for the first time in nearly two months, according to GasBuddy, the only smartphone app connecting drivers with their Perfect Pit Stop.
While gas prices stand an average 15 cents lower than Memorial Day, oil prices have rebounded by $9 per barrel in recent weeks, leading the national average to begin rising again, reaching $2.75 per gallon on Independence Day.
“The stage was set for a nearly perfect holiday — gas prices hit their 7th straight weekly decline, oil prices had dropped as low as $51, every state had seen notable declines at the pump, it really couldn’t get a whole lot better as we approach July 4,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “But then Iran attacked two oil tankers and shot down a U.S. drone and markets panicked, sending oil prices higher and now we’re suddenly under the threat of rising gas prices again amid escalating tensions with Iran and talks with China on trade, leading to higher gas prices just as millions hit the road to celebrate the holiday.”
Amongst the biggest sources of anxiety for road trips this summer:
• Overpaying for gasoline is the #1 road trip fear, and with gas price trends constantly shifting, motorists should plan ahead. The second fear is the car breaking down in the middle of the trip while needing to use the restroom but unsure of which gas stations have clean facilities was third.
• Convenience, price and curb appeal. When deciding where to stop, travelers continue to care about convenience and price. The top 3 factors when choosing a pit stop include: convenient location, gas prices, and curb appeal.