More than 44 million people are expected to travel further than 50 miles - 85 percent of which are expected to drive - during the holiday weekend, according to AAA New York spokesman Robert Sinclair Jr., who cited an increase in production of crude oil domestically as part of the cause for the drop in gas prices.
According to AAA, as of June 29, the average price of a gallon of gas was $2.24, down more than five cents from a year ago. In New York, motorists will pay an average of $2.43 per gallon. The highest recorded average price at this time of year was $4.11 in 2008.
This year's gas prices are the lowest for July 4th in 12 years.
The price of gas has fallen daily for nearly a month, according to AAA. Sinclair said that the nation has reached it’s lowest average price since Feb. 8, and if it falls another two cents, it will set a record for the cheapest average gas price of the 21st Century.
“We usually see the peak in June, July and August, but it’s just the opposite this year,” Sinclair added. “A lot of American oil producers have started producing more, which has made the price of crude oil go down.”
Although motorists can enjoy some relief at the pump before their Fourth of July holiday drive, Sinclair warns that domestic or international issues could have an immediate effect on prices.
“It’s a minute-by-minute thing, because something, or anything could happen, here or elsewhere,” he said. “But there’s a general uplift in the economy as a result of cheap fuel and cheap interest rates, and I think we’ve seen that.”
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