Gas prices heading into the Fourth of July weekend are at their highest levels in four years but below recent highs, AAA said Thursday (July 2). press release.
The national average Thursday was $3,838, up from $3,172 a year ago but down from $3,918 a week ago and $4,290 a month ago, according to AAA. Fuel prices page.
Gas prices this spring peaked at $4.56 on May 12.
Compared to past Fourth of July weekends, this year’s number is the highest since 2022.
“Overall, gas prices remain at four-year highs, but the downward trend since late May is welcome news during the busy summer driving season,” AAA said in the release.
AAA predicted in June that a record 72.2 million Americans would travel at least 50 miles from home to travel. independence day Between June 27 and Sunday (July 5). This number will be higher than last year’s record of 71.8 million.
The organization said 61.4 million of those travelers will travel by car, up from 61.3 million last year, because even with rising fuel prices, traveling by car is still cheaper for many than buying a flight.
Consumer surveys conducted by the University of Michigan found that level to be lower Gas prices Consumer sentiment strengthened at the end of June.
“Consumer sentiment confirmed its reading early in the month, rising nearly 10% above May as gas prices moderated,” the consumer survey director said. Joan Hsu He said this when announcing the final results of the survey for June. “Increases have been seen in income, wealth and political affiliation.”
Consumer confidence surveys fell to a record low in May, driven by a decline Gas prices Fears and fears related to the war in the Middle East. The reading was the lowest in the index’s more than 73-year history.
Consumer sentiment has also begun to rise Gas prices It eased in early June.
Conference Board The organization said on June 30 that consumer confidence improved slightly in June, as written consumer responses to the organization’s survey were less frequent, but still high, regarding prices and rates. Oil and gas.
“Consumer confidence rose in June, as lower oil prices in recent weeks eased some concerns about consumer inflation,” said the Conference Board’s chief economist. Dana M. Peterson He said in a press release.
Bloomberg I mentioned Friday (July 3) that consumers are particularly aware of movements in gas prices.
Laurel Harbridge YoungProfessor of Political Science at Northwestern University“When you think about your grocery bill, it may have slowly gone up, but you don’t have the same visceral reaction that you do when you say, ‘Wow, a month ago I could fill my pantry with $40 and now it’s $60,'” he said in the report.
