Inexpensive gas prices averaging $2.33 per gallon are encouraging 1.2% more travelers to drive for the upcoming July 4th holiday weekend as crude oil prices bounced back this week.

Crude oil prices sustained a 10% loss immediately after the British voted to leave the European Union in a referendum, but they have rebounded the past two days as the EIA reported inventory has dwindled.

National gas prices are expected to average in the low $2.30 per gallon range as the spot price for Brent crude oil will average $46 per barrel in July, "a little bit lower than prices are right now," said Timothy Hess, a lead analyst for the EIA, the independent statistical arm of the Department of Energy based in Washington, D.C.

"Our last reported U.S. average retail price on June 27 was $2.33 per gallon, which was the lowest in a week before the 4th of July since 2005," he said.

Prices could falter if production outages, especially in Nigeria, are "resolved more quickly than the market expects," Hess said.

Gasoline prices should stabilize in the aftermath of Brexit along with crude oil inventories declining in the past week, said Patrick DeHaan, a senior petroleum analyst for GasBuddy.com, a Boston-based provider of retail fuel pricing information and data.

"With Brexit chatter ratcheting down, I think we've seen a short-term bottom of $45.98 and that we will hang out between $47 to $51 for the next week or two," he said. The two-day rally in crude oil prices this week could translate into prices leveling out nationwide "since some areas may see prices rise and some may see prices fall," DeHaan said. Almost one in ten gas stations is selling gas for $1.99 or less.

More than 36 million Americans plan to drive to their holiday destinations, said AAA, a Heathrow, Fla.-based non-profit travel organization. "Many, many motorists will be hitting the road this July 4, perhaps breaking records for gasoline demand in the process," he said.

The new floor for Brent crude oil appears to be $50 per barrel as the global supply "glut has halved over the past year," said Bernard Weinstein, associate director of the Maguire Energy Institute at Southern Methodist University's Cox School of Business in Dallas.

"The strong demand for gasoline and diesel in the U.S. is also helping to prop up oil prices," he said. "The fuel costs savings will in turn be spent on food, lodging and recreation, giving a strong boost to the tourism industry."

The average household saved $660 in 2015 from lower fuel prices and is predicted to save $200 this year, said Hess.