AAA: Gas Prices Lower as Drivers Prepare for July 4

“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 Fourth 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 last 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.

Today’s national average of $3.54 is four cents less than a month ago but $1.32 less than a year ago.

Source: https://rvbusiness.com/aaa-gas-prices-lower-as-drivers-prepare-for-july-4/