Here’s another thing to celebrate this Fourth of July: the price of filling up the family car is cheaper than it has been in more than a decade.
The national average price for a gallon of regular gas is $2.23, according to AAA. That’s four cents cheaper than it was last year and the lowest July 4 price since 2005, the first year the average price climbed above $2 per gallon.
For many Americans, gas is even cheaper than that. Consumers can find gas for $2.00 or less at one out of every four gas stations in the country, AAA said.
On an inflation adjusted basis, the price of gas is cheaper today than it was on July 4, 2000. Back then gasoline was averaging $1.65 per gallon, the equivalent of around $2.35 today. Which means that gasoline is arguably cheaper than it has been on any Independence Day in this century.
Analysts expect the price of gasoline to climb as the summer months continue, in part because of lower U.S. production numbers. Prices will likely stabilize or fall again in the summer, as anti-smog regulations that require more expensive formulations of gas in summer months are lifted.