July 4th Gas Prices Will Be The Cheapest In 11 Years

"Fill 'er up!"

That’s likely to be the phrase on many American lips this holiday weekend, as Time’s Money Magazine reports gas will be super cheap in time for Independence Day weekend. The current average across the country is $2.29 per gallon, 17 percent less than a year ago and 37 percent below the average in 2014.

And drivers appear to have noticed. Of the estimated all-time high 43 million Americans traveling this July 4, about 84 percent of them will be driving. Based on oil market trends, these drivers may see modest prices persist after the holiday as well.

Related Link: The Economic Weight Of Oil Explained

Experts at GasBuddy say the national average price for a gallon of gas is likely to fall below $2 by November. Drivers in South Carolina are already paying $1.99 or less. This is all assuming there are no natural disasters or geopolitical events that could alter the trend.

While it’s effect can't be predicted, one event on the horizon that could possibly drive prices up at least temporarily is the potential shutdown of some Norwegian oil and gas fields, including some run by Exxon Mobil, over wage talks with workers fail to produce a deal by July 2. The planned worker strike if a deal isn’t struck could cause the market to anticipate a decline in supply, causing oil prices to drift up.