UPDATED 8:01 AM PT — Wed. July 4, 2018
U.S. gas prices hit a four-year high in 2018 due to the rising price of oil, which has reached new heights.
Recent reports show the average American household will spend $400 more on fuel, and less on other goods and services this year.
Economists say the higher cost of gas could offset a third of the gains from the tax cuts, with low income earners getting hurt the most.
They added, the overall economy is less oil dependent than in the past. This means the high cost will have less of an impact on growth than it would have years ago.
Nevertheless, drivers are paying the highest Independence Day gas prices since 2014.