ATLANTA — Gas prices are climbing again ahead of the Fourth of July weekend, according to data from GasBuddy.
The latest data by Patrick De Haan reports gas prices will be the highest this Independence Day since 2014, with the national average price of gas estimated to be around $3.11 per gallon on July 4.
According to GasBuddy's annual summer travel survey, 46% of Americans' plans this summer were affected by the high gas prices in May. However, 74% of travelers plan to take at least two road trips this summer, signaling the increase in demand for gas.
Georgians saw gas prices spike in mid-May due to the rising demand and the Colonial Pipeline shutdown.
“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,” De Haan, head of petroleum analysis at GasBuddy said. “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.”
De Haan anticipates national gas prices on Labor Day to rise above $3 as well.