The national average price per gallon of unleaded gas started sliding in May and continued into last week. The average gas price across the USA sits at $2.21 according to GasBuddy, a Boston-based price tracker.
Prices the past few days have declined in all but three states, Indiana, Ohio and MI, and "consumers can find gas for $2.24 or less at 60 percent of gas stations in the country", according to AAA.
About 50 to 60 percent of drivers will take road trips of over 500 miles, which is up 9 percent from previous year. "Traveler numbers are up and prices are down, adding to what has already been a bustling summer travel season". SC has the lowest average price at $1.88/gallon and Hawaii the most expensive at $3.00/gallon.
"Record refinery rates, high gasoline and crude inventory, and less-than-favorable demand this year are among the contributing factors causing the downward price trend", the AAA Weekend Gas Watch states.
For the first time in the 17 years it has been tracking fuel prices, GasBuddy says the cost of filling up your tank will be less on Independence Day than on New Year's Day this year - 13 cents per gallon less, to be exact. "And with historically low prices on gas, airfares, auto rentals, and hotels, Coloradans are realizing that their money will take them further than ever". "Instead of seeing fireworks at the pumps like we saw just a few short years ago, this is like Christmas in July".
Motorists should expect the roads to be more crowded than ever on two of the deadliest driving days of the year - July 3rd and 4th - as AAA anticipates a record-breaking 37.5 million Americans will hit the road for Independence Day, according to a news release. That's 1.25 million more people than a year ago. The organization says that 1.25 million more travelers will be traveling this year compared to last.
"It's wonderful we're staring at some of the cheapest prices of the year as the holiday comes into view", said Patrick DeHaan, a Gasbuddy senior petroleum analyst.
That's more than meeting the demand at a time when, typically, gas prices are expected to rise.