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Thursday 29 September 2016
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July Gas Prices Lowest In 12 Years

July Gas Prices Lowest In 12 Years

Summer travelers have reason to be happy.

The American Automobile Association says gas prices are lower than they’ve been in July in the last 12 years. According to AAA, the national average gas price right now is $2.21 per gallon of regular. Not only that, but 25 percent of the country’s gas stations are offering gas under $2. The lowest gas prices in the country are in South Carolina at just $1.88. California still holds the title of highest prices at $2.85, just edging out Hawaii at $2.82.

AAA credits the low prices at the pump to a large gasoline surplus in the US and relatively low prices for a barrel of oil. Currently, the U.S. has a 13 percent larger supply of gasoline than it did last year, and that surplus is the largest it has ever been for the US in July. Oil prices are hovering at about $45 a barrel.

This isn’t the only good news for drivers this summer.

AAA expects gas prices to remain low for awhile, barring some unforeseen event such as a hurricane, distribution, or refinery issue – or possibly overseas tensions. While the low gas prices are a boon for consumers, those concerned about fossil fuel usage and greenhouse gases may be worried about people driving more and a possible return to high truck and SUV sales.

Photo Copyright: Gergely Zsolnai/Shutterstock