TAMPA, Fla. — Gas prices are declining with the approach of the most traveled Independence Day holiday weekend since 2007. Of the 41.9 million total travelers, 35.5 million Americans will take a road trip, according to AAA; that's the highest number of auto travelers on record (which dates back to 2000).
"Lower gas prices are added incentive for travelers to pack-up the family vehicle and hit the road this Independence Day," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Motorists have been nervous about rising pump prices during the past five months, but will be delighted to see that prices are on the way back down. Gas prices are likely to continue falling through the holiday weekend, and travelers will find the cheapest gas prices in at least five years."
- The national average price for a gallon of regular unleaded gasoline ($2.78) is 1-cent cheaper than last week; 88 cents lower than the price on July 4, 2014.
- Florida's state average price for a gallon of regular unleaded gasoline ($2.69) is 2 cents cheaper than last week; 91 cents lower than the price on July 4, 2014.
- Georgia's state average price for a gallon of regular unleaded gasoline ($2.66) is 5 cents cheaper than last week; 91 cents lower than the price on July 4, 2014.
- Tennessee's state average price for a gallon of regular unleaded gasoline ($2.55) is 3 cents cheaper than last week; 90 cents lower than the price on July 4, 2014.
Concerns about an oversupplied global market continue to keep downward pressure on the price of crude, despite projected demand growth. The nuclear deal between Iran and six other nations is approaching the June 30th deadline, and if sanctions are removed Iranian oil will also return to the global market. At the close of formal trading on the NYMEX, WTI was down seven cents and settled at $59.63 per barrel.
"Gasoline production increases this time of year in anticipation of the busy summer driving season, so the increase in demand should not drive up prices during the holiday weekend," Jenkins said. "Pump prices have likely hit their peak for the year and should continue falling through most of the summer."
http://accesswdun.com/article/2015/6/319833/aaa-gas-prices-decrease-as-holiday-approaches