Houston gas prices are expected to climb higher on July 4, hitting $3 a gallon at some stations as drivers gear up for road trips on one of the year’s busiest travel days.
The price of regular unleaded in the Houston area is expected to average $2.69 a gallon that day, according to GasBuddy, which tracks fuel costs nationwide. That’s the highest July 4 average since 2014, when crude oil prices topped $100 a barrel and drove the average cost of gasoline to $3.48 a gallon.
Now, with the U.S. benchmark for crude oil settling above $74 a barrel last week, national prices are expected to reach $2.90 a gallon during the holiday, up from $2.22 a gallon last year. As a result, GasBuddy anticipates that drivers will spend $1.02 billion more at the pump during the first four days of July.
After declining for more than a month, gasoline prices have jumped alongside oil prices, driven by a decline in global oil inventories and news that foreign producers won’t substantially ramp up production amid a U.S. drilling boom. [read more]