Millions of Americans hitting the road for the Independence Day weekend are finding some welcome relief at the gas pump as prices continue to slide from their spring highs.
The national average for a gallon of regular gasoline stands at $3.83, down from $3.91 a week ago and $4.29 a month ago, according to AAA. While prices remain above last year’s $3.17 average, they’re well below the $4.56 peak reached on May 21.
Drivers in Rhode Island are paying an average of $3.77 per gallon, while motorists in Florida are seeing prices right at the national average of $3.83.
The recent decline has been fueled in part by lower crude oil prices, which have fallen into the $60-per-barrel range in recent weeks. Despite the drop, gas prices remain the highest they’ve been for an Independence Day holiday in four years.
New data from the Energy Information Administration shows gasoline demand climbed last week from 8.77 million to 9.13 million barrels per day as summer travel accelerated. Domestic gasoline supplies fell from 216.3 million to 214 million barrels, while refineries increased production to an average of 10 million barrels per day.
Oil prices also eased Wednesday, with West Texas Intermediate crude settling at $68.58 per barrel, down 92 cents. U.S. crude oil inventories declined by 3.8 million barrels and remain about 7% below the five-year average for this time of year.
Hawaii continues to have the nation’s highest average gas price at $5.48 per gallon, followed by California ($5.40) and Washington ($5.09). Indiana has the lowest average at $3.12, ahead of Texas ($3.34) and Oklahoma ($3.37).
