CARS.COM — Thanksgiving is traditionally the time when most Americans express gratitude for all they have — but motorists will have plenty to be grateful for when they fill their tanks over the Independence Day weekend. The national average for regular gas was $2.29 a gallon on Thursday, according to the AAA Daily Fuel Gauge Report, the lowest it has been at this time of year since 2005.
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Compared with a year ago the average price is 48 cents lower, which means that pumping 15 gallons of gas costs $7.20 less today. Two years ago, regular averaged $3.66 a gallon, so the cost of a 15-gallon fill-up is lower by $20 and change. The national average for premium gas, $2.78 a gallon, is 39 cents lower than a year ago, and diesel fuel is 47 cents lower at $2.37.
AAA said prices could remain lower than usual through the summer despite strong demand for gas as Americans now are driving more than ever.
"This year's summer driving season is likely to set new records for both gasoline demand and vehicle miles traveled," AAA said in a statement. "Refineries are reportedly increasing output, and gasoline supply has more than kept pace with growing demand. If the market can remain adequately supplied, drivers are likely to continue paying prices unseen for the summer months in more than a decade."
GasBuddy.com concurred, predicting that the national average for regular gas could fall below $2 by Thanksgiving. The national average was last below $2 a gallon in March. In autumn, GasBuddy said, "seasonal trends, such as lower gasoline demand and cheaper winter gasoline, return to the picture. By Thanksgiving, GasBuddy sees the national average back at $1.99 or less. It should be noted, however, that any unforeseeable major impact to the supply chain, such as hurricanes, could disrupt gasoline prices and lead to a departure from this forecast."
The average price for regular gas was already below $2 in South Carolina on Thursday, according to AAA and GasBuddy, making it the first state below that threshold since May. Other Southern states were near $2, with AAA posting statewide averages of $2.04 for Mississippi, and $2.07 for Alabama and Arkansas. (Prices fluctuate throughout the day and could change.)
The highest prices were in Western states, several of which bucked the national trend over the past week and experienced increases of as much as 5 cents a gallon at the pump. California was the most expensive state with an average of $2.90 for regular, followed by Hawaii, $2.82; and Alaska, $2.67.
AAA said the national average for regular has inched downward for 19 straight days, but in the Great Lakes area pump prices have been plunging. Average prices dropped by double digits the past week in Indiana, Michigan and Ohio. Over the past two weeks, prices have fallen by 28 cents in Michigan and 33 cents in Indiana and Ohio. Those states, plus Illinois, were hit with significant increases in the first half of June because refinery and pipeline outages reduced the supply of gas, but AAA said those issues have largely been resolved.
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