Despite ongoing turmoil in the Middle East, gas prices are actually decreasing to start the summer.
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Caroline Woods: Good news if you’re doing a summer road trip! Filling your tank won’t break the bank.
The national average for a gallon of gas is $3.21 – about 23 cents cheaper than this time last year, according to data from the U.S. Energy Information Administration. And according to Gas Buddy, gas should be even cheaper – with a gallon of gas expected to be between $3 and $3.20 during the summer months.
The lower prices come just in time for travelers to hit the road for 4th of July. AAA estimates nearly 62-million million people will travel by car for the holiday weekend – the highest volume on record.
The summer driving season typically means higher gas prices but analysts say abundant supply is expected to keep prices down in the coming months.
It also helps that oil prices have fallen sharply, despite the turmoil in the Middle East. US Crude is down about 12-percent this week. Now, if oil starts to jump higher again, expect gas prices to follow.
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