Lower gasoline prices this Fourth of July holiday

Drivers on the road for the Fourth of July holiday are finding lower gas prices across most of the country. AAA forecasts that more than 50 million people will celebrate the nation’s birthday by traveling, with a record 43.2 million going by car.

The national average for a gallon of gas fell four cents since last week to $3.54, $1.31 less than last year. In Oklahoma, the gas average is $3.22 today, up three cents in the last week and $1.34 lower than one year ago.

According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.38 to 9.31 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased by 600,000 barrels to 220 million barrels. 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.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

At the close of Friday’s formal trading session WTI crude oil settled at $70.64, up 2% on the week, however the commodity posted its fourth straight quarterly decline, down 6% in the second quarter this year.

“Gas prices are currently $1.31 less per gallon than a year ago, which is helping fuel the increased interest in road travel over the Independence Day holiday and throughout the summer,” said Rylie Mansuetti, spokesperson for AAA Oklahoma.

“The record average high price for gas on July 4^th was set last year when the national average for a gallon of regular gasoline reached $4.80 per gallon. With gas prices averaging well below last year’s record high prices, holiday travelers have something to celebrate at the pump this holiday weekend.”