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Analyst: Expect declining gas prices after July 4th weekend

Patrick De Hann, GasBuddy’s head of petroleum analysis, predicted that the national average “could go down 10-20 cents” following widespread holiday travel.

MINNEAPOLIS — Editor's Note: This video previously aired on KARE11 on June 13, 2022.

Gas prices are the highest they have been in U.S. history, but expect them to drop 10 to 20 cents by the Fourth of July weekend.

Earlier this month, the American Automobile Association (AAA) reported that the national average price for gasoline finally hit the widely predicted $5 mark. In some states across the country, especially in California, motorists are paying well above that.

“It’s going to be the most expensive July 4 we have ever seen,” said Patrick De Haan, the head of petroleum analysis at GasBuddy. 

De Hann hosted a Facebook Live event on the GasBuddy page Thursday, enlightening consumers who tuned in hoping to hear some good news about gas prices. He said that “the national average could go down 10-20 cents,” before the holiday weekend, and mentioned that “it (the expected drop) could continue beyond that.”

The price gap between diesel and gasoline also remains quite large. Diesel prices are currently in the $5.70s, almost a dollar higher than unleaded, but De Hann believes prices could dip five to 15 cents over the next three weeks.

De Hann’s update comes a day after President Biden announced his desire for a suspension on federal gasoline and diesel taxes that would last three months. However, the gas tax holiday would have to pass through Congress first, including the 50-50 Senate. Skepticism has risen among both Democrats and Republicans over Biden's proposal. 

If the gas savings was somehow passed to consumers, De Hann figures it would amount to approximately 18 cents per gallon. 

Even as gas prices hover at historic highs, DeHann says that Americans will not shy away from hitting the road this upcoming Independence Day weekend.

“I expect a lot of people are not wanting to stay at home, especially how it’s been the last two summers with COVID,” De Hann said.

However you may be spending your Fourth of July holiday, use the GasBuddy app to check prices at nearby fill-up stations.

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