How Low Can They Go? Gas Prices Make Summer Driving Cheap

gasoline
Photo by Alexandru Nika / Shutterstock.com

It’s been eight years since Americans were coughing up $4.11 a gallon to fill up their gas tank. Fast forward to today and we’re paying about $2.17 per gallon for unleaded gasoline — the cheapest summer gas prices we’ve had since 2004, but industry experts say those already low prices could dip even further.

Jana L. Tidwell, manager of public and government affairs for AAA Mid-Atlantic, told the Middletown Transcript that the low prices are the result of a gas glut in the United States and the continued drop in the cost of crude oil on a global scale.

“Gas prices have once again dropped below $2 per gallon in many parts of the country including here in the mid-Atlantic,” Tidwell said. “Lower gas prices are a bonus for drivers any time of the year and even more so for those planning a summer road trip this season.

Just a year ago, we were paying $2.73 a gallon on average to fill up our gas tanks. The $2.17 a gallon average today is actually 4 cents less than we were paying for gas just last week.

According to CNN Money, the United States has about 241 million barrels of gasoline in storage right now. That’s the most the country has ever had in storage during the summer months since the government first started tracking the data in 1990.

“In fact, the only other times that gasoline stockpiles were this lofty were in the dead of winter, in early 2015 and early 2016, when Americans drive far less,” says CNN Money.

Tom Kloza, global head of energy analysis at the Oil Price Information Service, told CNN Money that he expects gas prices to continue to fall to less than $2 per gallon across the United States.

“We’re going to have a chapter of very, very cheap fuel,” Kloza said.

How much are you paying at the pump in your neck of the woods? Share your comments below or on our Facebook page.

How to find cheaper car insurance in minutes

Getting a better deal on car insurance doesn't have to be hard. You can have The Zebra, an insurance comparison site compare quotes in just a few minutes and find you the best rates. Consumers save an average of $368 per year, according to the site, so if you're ready to secure your new rate, get started now.

Read Next
7 Surprising Things That Damage Your Credit Score
7 Surprising Things That Damage Your Credit Score

A seemingly small stumble can cause your credit score to plummet.

7 Secret Perks of Individual Retirement Accounts
7 Secret Perks of Individual Retirement Accounts

IRAs come with bells and whistles that many other savings and investment accounts lack — including some that you may not know exist.

7 Common Online Shopping Mistakes That Cost You Money
7 Common Online Shopping Mistakes That Cost You Money

How many of these costly online shopping missteps are you making without realizing it?

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.

Trending Stories