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June 28, 2017MARYVILLE, Mo. | By: Diering
Motorists on the road over the Independence Day weekend will benefit from the lowest 4th of July gas prices since 2005 according to GasBuddy.
Motorists will pay an average of $2.21 per gallon, well under the ten-year average of $3.14. GasBuddy Senior Petroleum Analyst Patrick DeHaan says the price decrease is caused by a surplus of oil in the market, as well as the concern that U.S oil producers are offsetting those cuts.
Although average gas prices are at historic lows, price variance in gas in any given city on the 4th will be at historic highs. DeHaan says the average gap statewide is about 51 cents.
The large price variance means consumers have a greater chance of overpaying at the pump during the holiday weekend. Stopping for fuel at a station with prices at the favorable end of the spread can save SUV drivers an average of $11 per fill-up. Smaller cars can save an average of $6, according to GasBuddy.
It is notable that for the first time in GasBuddy's 17-year history of tracking fuel prices, the national average gas price is poised to be 12 cents lower than it was on New Year's Day. The national average is typically 47 cents higher on Independence Day.