BISMARCK, N.D. – The White House announced a slight decrease in gas prices ahead of the Fourth of July holiday, marking the lowest prices in years according to a recent estimate. Gas prices are expected to average around $3.49 this Independence Day, a significant drop from the previous year’s average. This news comes as many Americans plan to hit the road for the holiday weekend celebrations.
Patrick De Haan, head of petroleum analysis at GasBuddy, noted that while gas prices have fluctuated in recent weeks, many states are experiencing prices similar to or even lower than last year. However, concerns about a potential increase in prices due to hurricane season and disruptions to refineries linger in the background.
In addition to the decrease in gas prices, the American Farm Bureau recently reported an increase in the cost of a 10-person Independence Day cookout. The average price for the cookout is estimated to be $71.22 this year, a 5% increase from the previous year and nearly 30% higher than five years ago. This rise in prices has been attributed to challenges facing American families, including inflation and lower availability of some food staples.
Furthermore, the bureau’s annual marketbasket survey revealed a double-digit increase in the cost of beef and lemonade compared to last year. While some items like chicken breasts and potato salad saw a slight decrease in prices, overall, the cost of hosting a Fourth of July BBQ has gone up.
As Americans prepare to celebrate Independence Day, the focus on rising prices for gas and food staples underscores the economic challenges facing many households. The impact of these increased costs extends not only to consumers but also to farmers, who are facing elevated prices for fuel, fertilizer, and other supplies. The ongoing economic pressures highlight the importance of financial planning and budgeting for families across the country as they navigate these uncertain times.