Drivers should pay about a dime less per gallon for gasoline over the Fourth of July holiday than last year, even with a major refinery outage and new taxes in about a dozen states.
As drivers take to the roads in record numbers this Fourth of July holiday, gas prices should be less in most places than they were this time last year, even with the shutdown of a major refinery and new gasoline taxes in 13 states.
Gasoline prices could continue to rise into the weekend, as the East Coast market adjusts to the loss of the Philadelphia refinery, which was 27% of the region's refining capacity. The refinery is scheduled for permanent shutdown, and the shortfall is expected to be made up by shipments from Europe and Canada, and also more gasoline coming via pipeline from the Gulf Coast.
"With the Fourth of July falling on a Thursday, it's probably the nine days of highest demand we'll see all year" through July 8, Kloza said. But even with anticipated price increases, the national average price likely peaked in May at $2.89 per gallon, he said. Until the new taxes went into effect, only California and Nevada had higher prices than last year's level, according to OPIS. In California, the average price of gasoline was $3.76 per gallon of unleaded on Tuesday, up from $3.66 per gallon a year ago.
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