High Gas Prices On This Independence Day Weekend

July 6, 2014

AAA expects the majority of U.S. drivers likely will pay the highest gas prices for Independence Day since 2008. Today’s national average price of gas is about 20 cents per gallon more expensive than the average on July 4, 2013, which was $3.48 per gallon. In recent years gas prices have declined in the weeks leading up to Independence Day, but this has not occurred this summer due to higher crude oil costs as fighting intensifies in Iraq.

In Escambia County, the price for a gallon of regular unleaded averages $3.60, up from $3.38 on year. But back in 2008, that gallon of gas hit an all-time local record just after the Fourth weekend of $4.03.

“Most drivers are paying about 15-20 cents more per gallon than expected heading into the busy Independence Day weekend due to market fear about Iraq,” said Avery Ash, AAA spokesman. “It is frustrating that events overseas will make it more expensive to celebrate Fourth of July here at home.”

AAA projects 41 million Americans will journey 50 miles or more from home during the Independence Day holiday weekend, a 1.9 percent increase from the 40.3 million people who traveled last year and a nearly 14 percent increase compared to the Memorial Day holiday weekend.  The majority of travelers will be celebrating their freedom with a road trip, with more than eight in 10 (34.8 million) choosing to travel by automobile, the highest level since 2007.  The Independence Day holiday travel period is defined as Wednesday, July 2 to Sunday, July 6.

“With school out for summer, the Fourth of July holiday is typically the busiest summer travel holiday, with five million more Americans traveling compared to Memorial Day weekend,” said AAA Chief Operating Officer Marshall L. Doney. “In line with tradition, most travelers are celebrating their newfound summer freedom with an all-American road trip.”

An increase in consumer spending is primarily due to increasing credit, rather than rising incomes.  Consumers have been hesitant to add to their credit card balances the past several years, but continued improvements in the employment picture and rising home values means they are starting to feel more comfortable taking on debt. In addition to consumer spending, a boost in consumer confidence and the employment outlook are driving more Americans to take a road trip.

“Steady improvement in the economy has spurred increased consumer confidence and spending,” continued Doney.  “Optimistic Americans are more willing to take on debt this year, dusting off their credit cards to pay for a much-needed Independence Day getaway.”

NorthEscambia.com file photo.

Comments

6 Responses to “High Gas Prices On This Independence Day Weekend”

  1. Mark T on July 6th, 2014 8:58 pm

    Ever since Ivan the gas prices have doubled and tripled and quadrupled !!! Any excuse for raising the price now .. We are suckers that just take it !!!

  2. Walnut Hill Roy on July 6th, 2014 9:48 am

    To Gene:

    The news media blast Democrats, particularly President Obama for anything; bite your tongue for even thinking such a thing. The bias is in the press coverage, it’s far worse than the individual bias.

  3. Gene on July 6th, 2014 9:35 am

    When Bush was in Office, ALL you heard was how he was in bed with the OIL companies… WELL where is all the media attention now???

  4. Bob C on July 6th, 2014 8:49 am

    These gasoline prices are very strange.
    One station can have one price for regular and the station across the road can have another a few cents higher or lower.
    Even stations with the same name have different prices although only a mile or so apart from each other so delivery costs shouldn’t be the reason.

    Does anyone know the breakdown of taxes per gallon of regular unleaded gasoline?
    Know there are the Federal, State, Local taxes but how much are they per gallon and are there any additional taxes?

    Just wondering….really seems the stations charge what they can get by with.

  5. Rooster Cogburn on July 6th, 2014 6:46 am

    Thanks Obama-EPA-Big Oil….
    For the first time the US is exporting more oil than we use…yet gas prices through the roof…

  6. Oak Grove Bud on July 6th, 2014 4:15 am

    3.23 a gal. in Brewton next to Walmart Saturday.

Written by William Reynolds · Filed Under Archive