July 2024 Fuel Price Update: Price Cooldown Likely Done

The slight decrease in gasoline prices we saw in early June are no more, with a continued increase over the last few weeks. Still, the average price of fuel at the pump is the lowest it’s been going into July 4 since 2021, according to GasBuddy.

As of July 1, the national average for a gallon of gas is $3.47. That’s a 4-cent increase compared to the previous week. Prices have slowly inched upward over the last several weeks.

GasBuddy’s projected national average price of gas on July 4 is just a penny lower than it was a year ago at $3.50, but is over $1.30 below what motorists paid over the holiday in 2022, when the economy became superheated, and Russia’s invasion of Ukraine pushed oil to triple-digits.

“For those hitting the road to celebrate Independence Day, gas prices have seen modest recent fluctuations, but most states are seeing prices near or even well below where they were a year ago,” GasBuddy Head of Petroleum Analysis Patrick De Haan said. “While the first half of the summer has been relatively smooth sailing, the road ahead may be bumpy. Activity in the tropics has increased, and projections remain for a very busy hurricane season. Even after the holiday fireworks are over, we’ll be watching for any potential fireworks at the pump that could be brought on by hurricanes disrupting refineries.”

U.S. Regional Gasoline Prices as of July 1, 2024

Here’s how prices break down by region according to EIA data, as of July 1:

• East Coast: $3.38
• Midwest: $3.41
• Gulf Coast: $3.07
• Rocky Mountain: $3.35
• West Coast: $4.23

Across most of the country, prices continue their upward trend, with the Midwest seeing the greatest jump week-over-week with a 9-cent increase. The West Coast continues to hold strong with steady price drops.

Here’s a list of how the prices break down in the top 10 cheapest states for gas right now, according to AAA data as of July 2:

Right now, Mississippi remains the only state with gas prices under $3 per gallon.