National gasoline prices fall to $3.75 per gallon for Independence Day, marking the second-highest level on record.
Gasoline prices in the US have declined for six consecutive weeks, yet the national average is projected to reach $3.75 per gallon on July 4. This figure represents the second-highest price recorded for the holiday, surpassed only by the $4.80 per gallon peak during the 2022 energy crisis.
Prices surged in May following the closure of the Strait of Hormuz, driving crude oil costs higher. While the recent decline offers some relief, the current average remains significantly above historical levels for this time of year.
The elevated prices are expected to impact consumer spending during the holiday weekend, though no immediate market reaction was specified.