Summer gas prices at lowest levels in 12 years

Gas prices are at their lowest summer prices in 12 years, according to AAA.

Despite a surge in gasoline demand on the week, the national average price for gasoline is nearing an all-time low for the year at $2.26/gallon. February of this year was the last time the price of a gallon of regular unleaded gasoline was this low nationally.

On the week, gas prices fell in all but three states (Indiana, Ohio and Michigan) while all regions, except the Southeast, saw gasoline inventories drop. This is good news for people planning to travel for the Independence Day holiday. AAA forecasts 37.5 million American will drive to their holiday destination, which potentially can mean a small increase in holiday weekend gas prices. Today, consumers can find gas for $2.24 or less at 60 percent of gas stations in the country.

The price of gas has fallen for 24 consecutive days.

"Lower gas prices will make it more enticing for Americans to take extended, or more frequent road trips this summer," said Mark Jenkins, AAA spokesman. "And when travelers spend less at the pump, they are left with extra cash to spend on lodging, shopping, and dining out."

AAA expects 44.2 million people will travel at least 50 miles from home over the July 4th holiday, a 2.9 percent increase over last year's record for the holiday.  With July 4 falling on a Tuesday, some workers will get a four-day weekend, making a quick road trip even more inviting.

AAA predicted that 37.5 million Americans will drive to their July 4 getaway, a 2.9 percent increase, and more than 3.4 million will fly, a 4.6 percent jump. Still others will take trains or buses.

The auto club defined the four-day July 4th travel period as Friday through the Tuesday holiday, compared with a Thursday-through-Monday stretch last year.

 

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