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US expects lowest Fourth gas prices since ’04

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Motorists take advantage of the low gas prices to fill up at Sam\’s Club located on Renaissance NE. Gas prices on Independence Day are expected to be the lowest since 2004. (Adolphe Pierre-Louis/Journal

ALBUQUERQUE, N.M. — Good news has been hard to come by in recent months, but if you have to buy gas for your vehicle, U.S. residents are expected to see the lowest July 4 holiday prices since 2004, GasBuddy.com reported Monday.

“Low gas prices have persisted into summer’s unofficial halfway point, Independence Day,” said Patrick De Haan, head of petroleum analysis at GasBuddy. com. “Prices in all 50 states remain well-below year-ago levels.”

National average prices across the states are expected to stay below of $2.22 per gallon, thus resulting in the lowest prices in at least 15 years, he said.bright spot

The historical national average price per gallon on Independence Day in 2005 was $2.20 and $1.87 in 2004, GasBuddy.com reported.

Individual pump prices, of course, can be much lower.

In New Mexico, the lowest prices reported Monday were $1.66 a gallon for unleaded regular at a trio of Carlsbad stations with the lowest in the Albuquerque metro area coming in at $1.72 at a Murphy’s and $1.73 a gallon at several Costcos and Sams Clubs.

It is expected that once COVID-19 cases begin to decline again, gas prices and demand are likely to climb into Labor Day. And with hurricane season coming into its prime in August and September, there could be volatility at the gas pump.

“I’ll reiterate that while forecasting gasoline prices this summer has been the most challenging of any year in GasBuddy’s 20-year history and with the coronavirus situation impossible to predict, I think by Labor Day we could see a national average of $2.25-$2.50 per gallon,” De Haan said.

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