GasBuddy: Gas prices may fall some before July 4
CHEYENNE (WNE) — There’s both good and bad news for drivers expecting to hit the highways during the July 4 holiday period.
Due to surging gasoline and other commodity prices, “drivers will be facing the most expensive July 4th at the pump ever this year,” according to GasBuddy. The gas price monitoring service immediately added, though, that “the news isn’t all bad.”
The silver lining is that “U.S. gas prices are expected to drop 10 to 20 cents by Independence Day,” the company predicted Thursday.
“After months of fireworks at the pump, culminating in a $5 national average recorded for the first time just weeks ago, drivers will feel a bit of relief, though many were already determined to get out on the road despite high prices.”
In Cheyenne, gas prices continue to be cheaper than in the U.S. as a whole, according to gas pricing services. The average price for a gallon of regular unleaded gas fell by a penny from Wednesday to $4.66 Thursday, GasBuddy reports. Wyoming gas on average cost a bit more, at $4.81, while nationally it was $4.94.
“Motorists should know that while we may see small relief today, risks remain that prices could go up at a moment’s notice and set new records,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a news release.
Just this week, President Joe Biden sought to halt the federal gas tax for three months. Should that come to pass, that “would potentially lead to an 18.4-cent decline in gas prices,” GasBuddy noted. “If the tax is suspended, prices at the pump could drop even further this summer, saving American drivers collectively about $70 million per day while the average motorist saves $25-$70 over three months.”