29 June 2021

MADISON, Wis., (June 28, 2021) – At $3.09, the national gas price average is at its highest of the year and not stopping. That average will increase, possibly as much as another nickel, in the lead up to the Independence Day holiday weekend as AAA forecasts a record-breaking 43.6 million Americans will hit the road for a holiday getaway. This year’s Independence Day weekend is defined as Thursday, July 1 – Monday, July 5.

While it is typical to see gas prices increase ahead of a holiday, especially during the peak summer driving season, pump price increases as of late have been noticeable.

“Today, 89% of U.S. gas stations are selling regular unleaded for $2.75 or more. That is a stark increase over last July 4 when only a quarter of stations were selling gas for more than $2.25,” said Nick Jarmusz, director of public affairs for AAA – The Auto Club Group. “Road trippers will pay the most to fill up for the holiday since 2014.”

 

Independence Day Holiday Weekend

Gas Price Average

July 2 – 6, 2014

$3.66

July 1 – 5, 2015

$2.76

June 30 – July 4, 2016

$2.27

June 30 – July 4, 2017

$2.23

July 3 – 8, 2018

$2.86

July 3 – 7, 2019

$2.75

July 1 – 5, 2020

$2.17

June 28, 2021

$3.09

 

Crude oil, and in turn gas prices, are more expensive compared to years past mostly due to three major factors: confidence in worldwide vaccination rollout, global oil demand spikes, and the easing of travel restrictions leading to optimism for leisure travel. Last week, crude oil sold at $74/bbl, the highest price in nearly three years. Motorists can expect little relief at the pump following the holiday. With crude oil prices likely to continue climbing, gas prices are most likely to see increases through the end of summer.

Today’s national average is more expensive on the week (+2 cents), the month (+5 cents) and the year (+92 cents). The latest weekly increase follows the latest data from the Energy Information Administration, which showed that gas demand increased from 9.36 million b/d to 9.44 million b/d, while total domestic gas stocks decreased by 3 million bbl to 240 million bbl.

 

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$3.099

$3.095

$3.071

$3.044

$2.178

Wisconsin

$2.950

$2.952

$2.905

$2.866

$2.137

Appleton

$2.828

$2.833

$2.767

$2.750

$2.050

Eau Claire

$3.009

$3.007

$2.892

$2.854

$2.079

Green Bay

$2.922

$2.921

$2.879

$2.839

$2.128

Janesville-Beloit

$2.870

$2.873

$2.814

$2.815

$2.038

La Crosse

$2.980

$2.978

$2.874

$2.881

$2.106

Madison

$2.884

$2.885

$2.812

$2.817

$2.141

Milwaukee

$2.979

$2.988

$2.985

$2.900

$2.128

Wausau

$2.956

$2.943

$2.896

$2.868

$2.118

Click here to view current gasoline price averages

 

Oil Market Dynamics

At the close of Friday’s formal trading session, WTI increased 75 cents to settle at $74.05. Crude prices increased last week due to optimism that vaccine rollout will continue to help crude demand recover. In fact, the price of crude crossed the $74 per barrel threshold and prices have not been at this level since October 2018. Additionally, crude prices were bolstered by EIAs latest report revealing that total domestic crude supplies decreased by 7.6 million bbl to 459.1 million bbl. For this week, another reduction in domestic crude supply could push prices up further after EIA’s next weekly report is released.

Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

 

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