This Independence Day touted the lowest fuel prices for the holiday in a decade.
As of Tues., July 5, pump prices had fallen for 24 days straight, and fuel prices for the recent Independence Day holiday were at their lowest point for that date since 2005.
According to this week’s fuel report from AAA, today’s national average price for regular unleaded gasoline, $2.27 per gallon, represents a savings of three cents per gallon on the week, nine cents on the month, and 50 cents per gallon on the year.
AAA estimated that a record 43 million drivers took to the road this Fourth of July holiday weekend, as this summer driving season continues to set records for traveling. Relatively low average fuel prices is continuing to contribute to record-setting gasoline demand and miles traveled.
Increased demand typically leads to higher gasoline prices, which was the case this spring when prices increased for 84 of 104 days beginning at the end of February. AAA reported that, during those 104 days, gasoline prices jumped more than 65 cents.
As the summer months commenced, the changeover from winter- to summer-blend gasoline, along with some regional refinery issues, led to temporarily higher fuel prices in some markets, AAA reported. Fuel prices may continue to fall throughout the month of July, but further refinery issues, stronger than anticipated economic growth, geopolitical tensions overseas or hurricanes that impact distribution and production could potentially reverse the current trend, and prices may begin to increase.
AAA also reported that the West Coast continues to record the highest fuel prices in the nation, as California and Hawaii are recording the nation’s highest prices of $2.91 and $2.82, respectively. South Carolina and Mississippi are currently recording the nation’s lowest fuel prices of $1.96 and $2.02, respectively.
