• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents

2

Peter Thiel and other tech billionaires are publicly shielding their children from the products that made them rich

3

Wyoming officials say Meta’s 715,000-square-foot data center is responsible for contaminating its water system with a rare bacterium

1

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents

2

Peter Thiel and other tech billionaires are publicly shielding their children from the products that made them rich

3

Wyoming officials say Meta’s 715,000-square-foot data center is responsible for contaminating its water system with a rare bacterium
gas prices

We’re In for the Highest 4th of July Gas Prices Since 2014. Here’s Why

By
Hallie Detrick
Hallie Detrick
Down Arrow Button Icon
By
Hallie Detrick
Hallie Detrick
Down Arrow Button Icon
July 3, 2018, 5:24 AM ET
Add Fortune on Google for similar content.

You might want to re-think that trip to the beach.

As motorists hit the road to celebrate America’s birthday they’ll be facing the highest Independence Day gas prices since the 2014 peak of $3.66 per gallon. The average gas price is hovering around $2.90 a gallon nationally with prices in some states well over $3 per gallon. It’s a far cry from last year’s 4th of July, when gas prices were at their lowest since 2015.

Here are the forces pushing up what you pay at the pump.

Demand

Gas prices tend to surge over the summer—and especially on summer holidays—as more Americans hit the road. In fact, if there’s a silver lining to the high 4th of July prices it’s that they won’t be quite as high as they were this past Memorial Day, when the national average was $2.92 per gallon. Global demand for oil has been increasing since 2015, and with the walk-back of fuel emissions goals in the U.S. and elsewhere, it’s likely to remain high.

Supply

Russia and OPEC intentionally decreased the production of crude oil in 2017, and they’ve kept supplies low into 2018. But experts say this probably isn’t the main driver of high oil prices, since Russia and OPEC only cut production by about 1% and the increase in U.S. production has more than accommodated this cut. Recent supply volatility has contributed to the 4th of July spike as well. Data from last week shows “one of the largest weekly declines in recent memory.”

Taxes

Increases in gas tax hit Oklahoma, South Carolina, Indiana, Maryland, Tennessee, Vermont, and Iowa over the weekend, just in time for the holiday. Some of these taxes are long overdue, but they’ll still cause pain at the pump.

Policy

While the Trump administration is quick to blame Russia and OPEC, its policies have not helped matters. The State Department has ordered oil buyers to stop buying from Iran by November in the wake of Trump’s renewed sanctions against Iran. The administration’s sanctions against Venezuela have not helped the global supply of oil either.

OPEC and Russia have agreed to increase in the supply of crude oil, which will help in the long run, but as the U.S. heads into hurricane season, prices aren’t likely to come down any time soon.

About the Author
By Hallie Detrick
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

dan
PoliticsElections
Meet Dan Sullivan, the retired schoolteacher running for office who insists he’s not trolling sitting Senator Dan Sullivan
By Becky Bohrer and The Associated PressJuly 13, 2026
2 hours ago
na
North AmericaEducation
‘We devalued the trades’: A Native American graduation miracle that isn’t what it seems
By Savannah Peters and The Associated PressJuly 13, 2026
2 hours ago
mm
North AmericaElections
Mitch McConnell breaks silence, said he was ‘briefly unconscious’ after a fall, got treated for mild pneumonia
By Mary Clare Jalonick and The Associated PressJuly 13, 2026
2 hours ago
e
Arts & EntertainmentSocial Media
American influencers turn Erling Haaland into the World Cup’s breakout brand
By Kaitlyn Huamani and The Associated PressJuly 13, 2026
2 hours ago
t
North AmericaElections
Trump floats Lindsey Graham’s sister as interim Senate replacement; Scott Bessent reportedly fields calls
By Meg Kinnard and The Associated PressJuly 13, 2026
2 hours ago
u
PoliticsSocial Media
Europe to social media platforms: make yourself safe for kids under 13, somehow
By Lorne Cook, Kelvin Chan and The Associated PressJuly 13, 2026
2 hours ago

Most Popular

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
Innovation
The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
By Sasha RogelbergJuly 12, 2026
1 day ago
Peter Thiel and other tech billionaires are publicly shielding their children from the products that made them rich
Big Tech
Peter Thiel and other tech billionaires are publicly shielding their children from the products that made them rich
By Marco Quiroz-GutierrezJuly 12, 2026
1 day ago
Wyoming officials say Meta’s 715,000-square-foot data center is responsible for contaminating its water system with a rare bacterium
Environment
Wyoming officials say Meta’s 715,000-square-foot data center is responsible for contaminating its water system with a rare bacterium
By Sasha RogelbergJuly 10, 2026
3 days ago
Trump embraces Australian retirement system backed by Larry Fink
Personal Finance
Trump embraces Australian retirement system backed by Larry Fink
By Brianna Sosa and BloombergJuly 12, 2026
22 hours ago
A Trump Account could make your kid a millionaire by 45—but financial experts say the app's projections come with a catch
Personal Finance
A Trump Account could make your kid a millionaire by 45—but financial experts say the app's projections come with a catch
By Sydney LakeJuly 12, 2026
1 day ago
Russia’s economy is an 'illusion' built on debt, and a banking crisis is ready to explode, intel report says, while the Kremlin may seize pensions
Banking
Russia’s economy is an 'illusion' built on debt, and a banking crisis is ready to explode, intel report says, while the Kremlin may seize pensions
By Jason MaJuly 12, 2026
23 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.