Record travel this 4th of July despite gas prices

The statewide gas price average in Texas is $4.49 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is eleven cents less than on this day last week and is $1.69 more per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $4.68 per gallon while drivers in Laredo are paying the least at $4.11 per gallon. The national average price for a gallon of regular unleaded is $4.86, which is eight cents less when compared to this day last week and $1.74 more than the price per gallon at this same time last year.

Despite gas prices being $1.69 more per average gallon compared to last year and the most expensive ever for the holiday, Texans will travel by car in record numbers this July 4th weekend. AAA Texas expects 3.1 million Texans to travel by car, the most on record for that mode of travel during the holiday. 3.5 million Texans in total will travel this Independence Day weekend.

While the overall volume is not a holiday record, the total travel volume is just shy of 2019 levels. The increase in volume, due to pent up demand for travel, will put more pressure on demand for fuel.

This is occurring as supplies remain tight around the globe for crude oil and refined products. While gas prices have been dropping over the last two weeks, it is possible they could reverse course and begin climbing again in July.

Before 2022, the most expensive July 4th gas prices were in 2008, when the Texas statewide average was $3.96 per gallon.