US: motorists will have a great Independence Day with low fuel costs image

Although since the start of the year the gasoline prices have started surging from the lows registered during the latter part of 2014, drivers looking to spend part of the Fourth of July Independence holiday weekend behind the wheel will catch a break.

The motorists are going to pay their lowest prices at the pumps for the period in more than five years, with the AAA estimating the average price of $2.77 per gallon (two cents lower than last week) will hold for the holiday. Next up, the level might go down even further as the crude oil price is once more going downhill, with oil futures – a crucial indicator for prices to come in the months ahead – down $1.54 per barrel, to $59.60 on July 1. Pump prices, according to AAA, are still up four cents month-over-month, mainly due to issues with regional refineries that hiked the national average. Gas prices still save around 90 cents per gallon from the same period a year ago.

Meanwhile, drivers across the Pacific Northwest will have to cope with the highest prices for retail gasoline. Alaska has an average price of $3.47 per gallon, taking down California with its $3.45 per gallon average as the nation’s most expensive market after 16 consecutive weeks of “rule”. Another regional market – Hawaii – also has one of the most expensive retail gasoline – at $3.37 per gallon. The happiest drivers should be in South Carolina, where the retail price on average sits at $2.45 per gallon of regular gasoline.