Gas Prices Drift Lower as Drivers Prepare for July 4th Travel

Gas Prices Drift Lower as Drivers Prepare for July 4th Travel

Drivers hitting the road for the Fourth of July holiday will find the gift of lower gas prices across most of the country. AAA forecasts more than 50 million people will celebrate the nation’s birthday by traveling, with a record 43.2 million going by car.

The national average for a gallon of gas fell four cents since June 22 to $3.54 as of June 29.

“Gas prices are $1.30 per gallon less this year than last, but they are still high compared to historical averages,” said Andrew Gross, AAA spokesperson. “The previous record average high price for gas on July 4 was $4.10 in 2008, while the low was $1.39 in 2001. Yet despite currently elevated prices, drivers are not cutting back on travel this summer.”

According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.38 to 9.31 million b/d over the same week. Meanwhile, total domestic gasoline stocks increased by 600,000 bbl to 220 million bbl. Lower gas demand amid increasing supply has helped to limit pump price increases. If demand remains low, pump prices will likely continue to decline through next week.

The June 29 national average of $3.54 is four cents less than a month ago but $1.32 less than a year ago.

Since June 22, these 10 states have seen the largest decreases in their averages: in their averages: Arizona (-16 cents), Ohio (-11 cents), Indiana (-11 cents), Wisconsin (-11 cents), Illinois (-9 cents), Kentucky (-6 cents), Nevada (-6 cents), Georgia (-6 cents), Utah (-6 cents) and Florida (-5 cents).

The nation’s top 10 least expensive markets: Mississippi ($2.97), Louisiana ($3.08), Alabama ($3.10), Tennessee ($3.10), Arkansas ($3.11), South Carolina ($3.17), Texas ($3.18), Oklahoma ($3.22), Georgia ($3.23) and North Carolina ($3.25).

Source: AAA

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