July 4th gas prices lowest in 12 years

- Drivers will find the cheapest gasoline prices for the 4th of July holiday weekend since 2005, thanks to a rare summer break at the pump.

Gas prices will average $2.21 per gallon, according to GasBuddy. That’s far below the 10-year average of $3.14 per gallon and roughly 16 cents cheaper than a month ago. It’s also the first time since GasBuddy began tracking prices 17 years ago that Independence Day will bring cheaper gas prices than New Year’s Day.

Elevated gasoline supplies and weak demand have kept a lid on gas prices heading into the busy summer driving season. Also, OPEC’s efforts to drive up oil prices through production cuts were largely thwarted by U.S. drillers, who revived idle rigs and filled the void left by Saudi Arabia and other OPEC producers. In May, the oil cartel declined to slash its output even further, paving the way for more summer savings for motorists.

The national average was $2.26 per gallon on Friday, down from a peak of $2.43 in April.

Americans are driving fewer miles so far this year, despite the continued availability of cheap gas. Improved fuel-economy in new vehicles has also contributed to weaker fuel demand.

Continue reading this story at FOXBusiness.com

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