Gas prices on the decline ahead of 4th of July weekend; record-high prices still expected

“Prices at the pump are finally moving in a favorable direction,” said Tiffany Wright, a spokesperson for AAA, the Auto Club Group in the Carolinas. “But despite the decline, gas prices are still likely to be the highest in history for the July 4th holiday.”

The average price of gas on Wednesday in North Carolina was $4.51 per gallon, which is some of the cheapest gas in the country. Nationally, the average price of gas on Wednesday was $4.87 a gallon.

Gas prices declined by 8 cents this week, according to AAA, but still cost 18 cents more than it did a month ago and $1.66 per gallon more than it did a year ago.

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AAA predicts that a record-high number of people will hit the roads this Fourth of July. More than 42 million Americans are expected to drive more than 50 miles during this holiday weekend, according to AAA.

The busiest travel days are expected to be Thursday and Friday, according to AAA. Top destinations in the U.S. for Fourth of July travel are Orlando, Florida, Seattle, Washington, and New York City.

On Friday, Oil Price Information Service founder Tom Kloza questioned how high prices could climb in the coming months.

"I think [from] Sept. 15 into the winter, gasoline prices will drop," Kloza said. "I am very worried about diesel prices though.”

AAA data shows the average price of diesel in North Carolina is about $5.64 a gallon, which is up 11 cents from a month ago and up $2.50 a gallon from July 2021.

“Diesel is probably the biggest threat to inflation that we will face for the next six to 18 months, but people don’t react to diesel prices like they do gasoline," Kloza said. "Gasoline is in your face.”

“I am worried about July because of demand," Kloza said. "I am worried about August because of supply and the threat of hurricanes.

"That’s a real, real threat.”