Gas prices drop in time for Fourth of July

Gasoline prices are beginning to decline as we approach the Independence Day holiday weekend.

AAA forecasts the most automobile travelers in seven years, as more than 34.8 million Americans will drive 50 miles or more. However, motorists are likely to find the most expensive gasoline prices for Independence Day since 2008.

“Market concerns about a supply disruption in Iraq are calming,” said Mark Jenkins, spokesman, AAA - The Auto Club Group. “The price of oil slipped last week, so motorists should begin to see some relief at the pump. However, the discount may only be a nickel, keeping the average price on Independence Day at its highest level since 2008.”

The highest price for a gallon of regular unleaded gasoline was set on Independence Day 2008. The average price for a gallon of gasoline was $4.06 in Florida, $4.02 in Georgia, and $3.93 in Tennessee. The second highest gasoline prices were in 2011, when the average price was $3.50 in Florida, $3.46 in Georgia, and $3.36 in Tennessee. The average price for a gallon of gasoline on July 4, 2013 was $3.43 in Florida, $3.34 in Georgia, and $3.25 in Tennessee.

“Motorists are likely to pay about 20 cents more for gasoline than they did during last year’s Independence Day holiday weekend,” Jenkins continued. “Still, current prices are about 10 cents cheaper than they were earlier this year. So AAA doesn’t believe gas prices will keep people from traveling for the holiday. Most plans have already been finalized and budgets allocated. If anything, travelers will cut back on costs in other areas like shopping, dining out or entertainment.”