AAA: Gas Prices At 12 Year Low
According to AAA, nationwide gas prices are at a 12 year low. Spokesperson Don Redman says the current statewide average for a gallon of regular gas is about $1.98.
“You have to go back to 2004, July 2004, to find cheaper prices. At that time, we were selling gasoline about $1.82 a gallon,” Redman said.
Redman says the price of oil is also down to around $40 a barrel. He says drivers could see prices at the pump go down even more before the end of the summer.
“It may be possible that as we get into August that we could see the statewide average actually be about 1.84,” Redman said.
Redman says abundant supply has driven prices down. He says refineries have kept up with the supply surprisingly well considering the high demand.
“Those refineries chugging along at 98% capacity have relay increased the inventory for gasoline despite record number in demand for this summer travel,” Redman said.