Fourth of July holiday gas prices hit 4-year high

Nathan Bomey | USA TODAY

Show Caption Hide Caption Your summer travel plans may just be ruined by higher gas prices GasBuddy's 2018 Summer Travel Survey reveals that many people are staying closer to home for vacation this year. Are you? Tony Spitz has the details.

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, according to AAA.

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, according to fuel-station-finding app GasBuddy's petroleum analysts.

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

More: Trump tariffs could add $5,000 to price of new vehicle in U.S.

More: Iran warns against oil production boost after Trump tweet

More: Americans will spend a little less on the Fourth of July this year

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

For starters, it's only a four-year high. In 2014, Fourth of July prices hit $3.66. In 2008, they hit an all-time high for the holiday of $4.09.

Some states are feeling more pain than others, however. Hawaii was in the worst shape Tuesday with prices averaging $3.90, according to GasBuddy.

South Carolina had the cheapest gas at $2.52.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.