Americans will experience the lowest gas prices around the July 4th holiday since 2005.
According to the American Automobile Association (AAA), Americans will pay an average of $2.23 per gallon for gas around the July 4th holiday, which is 15 cents lower compared to a month ago.
The AAA also projects that more than 44 million Americans will travel 50 miles or more over the period. Americans will travel 1.25 million more miles in 2017 compared to last year.
Robert Sinclair, the AAA manager for the Northeast region, credits the reviving economy for the increase in travel compared to 2016. Sinclair explained that “the economy is good, people have more money in their pockets, salaries are up, household net worth is up, disposable income is up, airfares are down, car rental rates are down, and AAA 2-Diamond hotels are also a bit lower.”
The AAA media manager added that Americans will utilize the lower gas prices to travel more. Sinclair said, “This is in July, when we usually see gas prices peak sometime in June, July or August but they are exceptionally low which is very unusual, and people are taking advantage of it.”