AAA says prices
at the pump remain at five-month lows as 34.4 million Americans return from
July Fourth holiday weekend travel.
Gas prices dropped in many areas across the country last week as a
projected 34.4 million Americans planned to travel 50 miles or more by car for
the Independence Day holiday weekend.
The national average price for
regular unleaded gasoline dropped three cents this week to $3.48 per gallon
Friday. This is 14 cents lower than month ago prices, but remains 14
cents more than year ago prices. The national average declined for 21
straight days through July 3, and 37 of the last 44 days.
$103.22 per barrel (at Friday's
$96.56 per barrel
$87.22 per barrel
In both 2011 and 2012 the national average reached a summer-low
near today's date. In 2011, prices bottomed at $3.54 per gallon on June 30. In
2012, they bottomed at $3.33 on July 2.
The national average may continue to
drift lower in the coming days; however, crude oil prices remain substantially
higher than last year and are likely to limit the amount further that the
national price will fall.
Barring a decline in crude oil prices, gas
prices may turn higher in July as the summer driving season ramps up, demand
for gasoline increases and the hurricane season continues. The national average
rose 17 cents per gallon in July 2011 and 16 cents in July 2012.
"Rising gasoline supplies have pushed average gas prices nationally
below the psychologically important level of $3.50 per gallon just in time for
one of the busiest travel periods of the year," said Martha M. Meade, Manager
of Public and Government Affairs for AAA Mid-Atlantic. "While such
relatively small savings are probably not worth celebrating, millions of Americans
traveling this weekend will be relieved to save a little extra money, although
the savings may not continue for long. Looking ahead, gas prices may not
drop too much further in July. Increased crude oil prices, coupled with
increased summertime demand and hurricane season could result in higher pump
prices for motorists."
Tuesday, April 20 2010 11:21 PM EDT2010-04-21 03:21:00 GMT
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