Just in time for all the drivers hitting the road for the Fourth of July holiday week, national gas prices have dropped to their lowest point in six months, according to AAA.
Nationally, the price of a gallon of regular gas now averages $3.41, after peaking in April at $3.94 a gallon. In one state, South Carolina, the average price has actually dropped below $3.
And the price decline is accelerating, says Michael Green, a spokesman for AAA. “This is great news as we move into the middle of the summer driving season,” he says.
“Declining gasoline prices are motivating a lot of people to get on the road. And because the holiday is on a Wednesday, a lot of people are planning to take off the entire week,” Mr. Green says.
Consumers are buying 5% less gas than last year, even though a gallon of gas costs 18 cents less, according to the AP.