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National & World Ag News Headlines |
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July 4th Travelers See Cheapest Gas Prices in Years
USAgNet - 06/28/2017
Drivers on the road this Independance Day will see the cheapest gas prices since 2005, according to GasBuddy. U.S. consumers will pay an average of $2.21 per gallon at the pump, well under the 10-year average of $3.14, according to the app that helps its
65 million users find the cheapest gasoline prices in the United States, Canada and Australia. The prices are also expected to be lower than prices seen on New Year's Day by 12 cents.
"So many Americans love to hold onto that myth that gas prices go up for the holiday, and yet, here we are. Gas prices down 15 cents a gallon in the last few weeks," GasBuddy senior petroleum analyst Patrick DeHaan said Tuesday on CNBC's "Squawk
Box."
Crude prices were higher Tuesday, but they have been dropping most of this month as oversupply concerns loom and OPEC and its partners try to reduce a global crude glut with production cuts.
OPEC nations and 11 other exporters agreed earlier this year to extend cuts of 1.8 million barrels per day until March 2018. Despite the cuts, markets remain well supplied due to rising output elsewhere, reports CNBC.
GasBuddy said although the average price of gas will be at historic lows, the price variance among different states and cities will be at historic highs.
Using data from its users, GasBuddy said 64 percent of travelers said gas prices do not impact their decision to make road trips, while 17 percent are taking to the roads because they believe prices are low.
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