US: motorists looking optimistic at July 4 drives as gasoline slides image

Across the United States the average price of retail gasoline has started going down just in time for drivers to take advantage and clock a record amount of miles during the July 4 Independence Day holiday.

Figures compiled by Lundberg Survey Inc. show the average price of regular gasoline at pumps across the country has gone down 1.68 cents in the two weeks ended June 26 to $2.8494 a gallon. This is the first price reduction since the mid part of April, with information gathered at around 2, 500 filling stations and the price today is 86 cents lower than it was during the same period a year ago. Prices are declining as US refiners are churning the most gasoline for the period since at least 1983, with the fuel reserves on the rise for the past two weeks. That’s ahead of AAA’s projected record number of motorists that are going on longer trips over the course of the July 4 holiday. “I expect pump prices will continue to drift down from here,” commented Trilby Lundberg, the president of Lundberg Survey.

The worst place to be when paying for gasoline in the lower 48 states was in San Diego, at $3.52 a gallon, according to Lundberg. The lowest price on record was seen in Jackson, Mississippi, where drivers paid on average $2.44 a gallon. Meanwhile, in Long Island, New York, the price was on average $2.96 a gallon and $3.50 in Los Angeles. The Heathrow, Florida-based motoring club AAA announced last week that more than 35.5 million people will take trips of 50 miles or more during the five days ending July 5.

Via Bloomberg