US Gas Prices Drop to Near 2020 July Fourth Lows

Gas prices across the U.S. have dropped ahead of the Fourth of July, with national averages around $3.10–$3.18 per gallon—some of the lowest Independence Day prices since 2020 and a notable decrease from last year. The decline is largely due to easing crude oil prices following reduced Middle East tensions and robust domestic supply, despite a temporary spike from recent geopolitical events. Connecticut and the Northeast continue to see stable but lower prices compared to 2023, while states like Arkansas and parts of the Midwest report even larger year-over-year drops. AAA projects over 72 million Americans will travel by road for the holiday, setting new records for car and air travel volumes. Analysts caution that factors such as hurricanes or renewed geopolitical conflicts could affect future prices. However, the outlook for the holiday weekend remains positive for drivers.