Fourth of July holiday gas prices hit 4-year high

Gas prices will hit their highest level since 2014 on this Fourth of July, but remain lower than the all-time high for the holiday.

According to AAA, the national average price of gasoline is $2.86, about 63 cents higher than one year ago.

Prices have been relatively stable over the last week and have dropped 9 cents in the last month, reports USAToday.

Higher oil prices have pushed gas prices closer to the $3 mark in 2018.

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

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The price spike since Independence Day last year could cost motorists approximately $1 billion in extra gas purchases over the four-day travel period.

Back in 2008 at this time, prices hit an all-time high of $4.09, according to GasBuddy.

This year, South Carolina had the cheapest gas at $2.52.

Christopher Carbone is a reporter covering science, technology and national news for FoxNews.com. He can be reached at christopher.carbone@foxnews.com. Follow him on Twitter @christocarbone.