Fourth of July gas prices hit 4-year high

But motorists unlikely to change travel plans

Fourth of July gas prices will notch their highest mark since 2014 but remain sharply lower than their all-time high for the holiday.

At about $2.86 per gallon as of Tuesday morning, the national average price of gasoline is about 63 cents higher than a year ago, AAA says.

Prices have been stable over the last week but have fallen by 9 cents in the last month as the commodity eases off its typical spring peak.

Higher oil prices, caused largely by continued production limits at the Organization of the Petroleum Exporting Countries, have nudged gas prices near the $3 mark this year.

The price spike since 2017’s Independence Day is likely to cost motorists about $1 billion in extra gas purchases over the usual four-day travel period, fuel-station-finding app GasBuddy’s petroleum analysts say.

“Even with high gas prices, however, most motorists aren’t likely to curtail their travel during the most popular summer holiday,” GasBuddy said.

Put simply, it would take much bigger increases for Americans to significantly curb their driving habits.

In 2014, Fourth of July prices hit $3.66. In 2008, they hit an all-time high for the holiday of $4.09.

Hawaii was in the worst shape Tuesday with prices averaging $3.90, according to GasBuddy. South Carolina had the cheapest gas at $2.52.

At $2.86 a gallon, gas prices remain below the $4.09 reached in ’08. ISTOCK