U.S. Gas Prices Drop Ahead of July 4th Holiday

Average gasoline prices across the United States fell by 6.8 cents over the last week, bringing the national average to $3.71 per gallon. Diesel prices saw a more significant national decrease of 11.8 cents, falling to $4.758 per gallon. Local markets mirrored this trend, with prices in Baltimore dropping 3.0 cents to an average of $3.69 per gallon, though rates in that city remain 52.8 cents higher than the previous year.

Patrick De Haan, head of petroleum analysis at GasBuddy, reports that prices declined in nearly every state. However, he warns that significant further drops at the pump may be limited due to tightened global supply.

This supply pressure is attributed to attacks by the Cabinet of Ministers of Ukraine on Russian refinery infrastructure. These strikes forced the Federal Government of Russia to transition from a fuel exporter to an importer, creating a volatile refining environment that continues to impact global fuel availability and pricing.