'Dramatic Turnaround' Projected for Gas Prices

Prices projected to be lower July 4 than on Jan. 1
By Evann Gastaldo,  Newser Staff
Posted Jun 27, 2017 11:26 AM CDT
'Dramatic Turnaround' Projected for Gas Prices
The gas prices at a Mobil station is shown in Deerfield, Ill., Saturday, June 17, 2017.   (AP Photo/Nam Y. Huh)

In what USA Today calls a "stunning" moment for analysts, gas prices are projected to be lower on the Fourth of July than they were on New Year's Day. That's the first time consumer data tool GasBuddy has made such a projection in its 17 years (the projected price is also the lowest Independence Day price since 2005), and it's thanks to the unexpected decline in the price of crude oil this year. Per GasBuddy, the nationwide average on July 4 is projected to be $2.21 per gallon, or 12 cents lower than the price on Jan. 1. Typically, gas would cost 47 cents more per gallon on July 4 than the prior Jan. 1, as more people use the fuel for summer travel. The 10-year average for July 4 gas prices is $3.14, per CNBC. Considering gas prices were once predicted to come close to $3 this summer, one analyst calls this "quite the dramatic turnaround." (More gas prices stories.)

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