According to a report by GasBuddy, drivers are facing the most expensive Fourth of July ever this year with a $5 national average recorded for the first time a few weeks ago, but drivers could see slight decreases continue in the coming weeks. Gas prices may drop 10 to 20 cents by Independence Day.

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That said, there are several factors concerning the price of gas: oil production is on the rise, but refineries are struggling to keep up with the demand.

A recent NPR article stated, “In the U.S. the lack of refining capacity is seen as the biggest challenge to bringing prices down, and that isn’t likely to change any time soon as the U.S. pushes to transition away from fossil fuels.”

Furthermore, the war in Ukraine and disciplinary sanctions against Russia by Western nations have disrupted energy markets around the world.

Many Americans are planning to pursue summer travel despite the high prices. Patrick De Haan, head of petroleum analysis at GasBuddy said,

“It’s been a scorching summer at the pump with record prices set in every state. While we may see brief relief here and there, the high prices don’t seem to be holding many Americans back from hitting the road with the economy fully reopen. While we may see relief as we approach July 4, and potentially after, the volatility in markets remains high. We still could see a super spike in gas prices later this summer, should a hurricane threaten Gulf Coast oil refineries or oil platforms. Motorists should know that while we may see a small relief today, risks remain that prices could go up at a moment’s notice and set new records again.”

Yesterday, the President announced his request to suspend the federal gas tax for 3 months, until the end of September. Biden said, “I fully understand the gas tax holiday alone is not going to fix the problem. But it will provide families some immediate relief, give them a little bit of breathing room, so we continue working to bring down prices for the long haul.”

If there is a 3-month “Gas Tax Holiday” prices at the pump could drop even further this summer. However, numerous Republicans, and even Democratic leaders, have expressed concerns about the proposal.

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