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U.S. Gas Prices Fall to Lowest Early-July Level Since 2021

Output surges by U.S. producers alongside boosted OPEC+ production have driven pump prices to four-year lows

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Overview

  • National average for a gallon of regular gasoline stands at about $3.15, roughly 32 cents below last year’s price and the cheapest since 2021.
  • AAA projects a record 72.2 million Americans will travel at least 50 miles over the July 4 holiday weekend, with 61.6 million making the trip by car.
  • Regional disparities persist as Chicago drivers pay around $3.65 per gallon and California averages about $4.30 due to higher taxes and special fuel requirements.
  • Crude oil prices have eased on forecasts of a global economic slowdown and the winding down of Middle East tensions, contributing to lower pump costs.
  • Analysts caution that an above-normal hurricane season, upcoming refinery maintenance and potential geopolitical flare-ups could push prices higher later this summer.