July 4 Gas Prices Expected to Be Lowest Since 2004

The U.S. average price per gallon is projected to be $2.17 on Independence Day.

July 02, 2020

BOSTON—This year’s July 4 gas prices will be at their lowest since Independence Day 2004, reports WIBC.com. “That’s not too unfamiliar. Memorial Day also saw the lowest Memorial Day prices since 2004, so essentially we’re just continuing a trend here,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “It does compare to 2008” when the U.S. was in the gripes of the last recession.

GasBuddy estimates this year’s July 4 national gas price average will be $2.17 per gallon, compared with $2.76 in 2019. In 2004, it was $1.87. 

“When you get low on gas, just look around you and compare prices. Almost every time, you can save at least 15 or 20 cents per gallon between the highest and lowest stations. You can see a lot of volatility just by crossing the state line,” said DeHaan, who recommends using a gas price comparison app to find and pinpoint the cheapest prices.

As part of his job, DeHaan is closely monitoring the coronavirus situation and its effects on prices. Some southern states, such as Texas and Florida, have seen a rise in coronavirus infections over the past couple of weeks, and “we are seeing a drop in demand in some of the states. That could be part of a larger trend that could eventually mean a downturn in gas prices, but it’s very early to get useful information,” he said.

If demand does continue to drop in those states, that could impact prices countrywide. “That’s because California, Texas and Florida, where cases are surging, are the top three gasoline-consuming states,” said DeHaan.