Sheetz slashes gas price by 50% to $1.776 per gallon. But only for one day

An East Coast convenience chain is offering gas at a patriotic price for one day only.

Sheetz will be selling gas for $1.776 on the Fourth of July, a nod to the year the Declaration of Independence was signed. The promotion began at 12:01 a.m. ET Tuesday and means drivers could save 50% on the typical pump price.

It'll last all day, or at least as long as the gas lasts. Regular, E85 (flex fuel), Unleaded 88, mid-grade and premium fuel grades all fall under the promotion. The deal doesn't apply to diesel or Ethanol Free fuel.

Travis Sheetz, president and CEO of Sheetz, said in a statement that he hopes this discount "helps our customers keep a little more change in their wallets as they travel to celebrate the 4th of July."

The record-setting 43.2 million Americans traveling for the holiday this year are already paying much less for gas compared to last year. The national average for regular gasoline dropped to $3.55 a gallon last Thursday, according to AAA, compared to $4.87 a gallon a year ago.

The national average dipped even more to $3.53 a gallon on July Fourth.

"This is terrific. Gasoline prices are a leading economic indicator for many Americans," said Patrick De Haan, head of petroleum analysis at GasBuddy, last week.

Last November, Sheetz reduced the price of Unleaded 88 to $1.99 a gallon at limited stores during the Thanksgiving holiday week.

Sheetz has more than 675 locations in Pennsylvania, Maryland, Ohio, North Carolina, Virginia and West Virginia.

CNN's Matt Egan contributed to this report.