Gas prices drop as demand for driving fizzles out: AAA
Gas prices dropped in sync with demand as drivers have had less appetite to hit the road this summer because of high temperatures, according to AAA.
The national average cost for a gallon of gas fell four cents to $3.50 from the previous week, AAA said in a report. These lower prices will likely linger as long as motorist demand and oil prices remain weak.
"The arrival of summer used to signal the start of a robust driving season, but that has not been the case recently," said Andrew Gross, AAA spokesperson. "We know that a record number of travelers were forecast to hit the highways for the July 4th holiday, but since then, they appear to be staying off the road, and the recent scorching heat is possibly to blame. Maybe things will pick up soon."
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Gas costs for motorists nationwide fluctuated, with some states tallying higher averages than others. These 10 states have the least expensive prices:
These 10 states had the highest prices:
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The national average price for fuel for most of this summer is forecasted to remain in the mid-$3 per gallon range, with potentially tens of thousands of stations falling below $3 per gallon throughout the next several months, according to a GasBuddy forecast.
Even with the break they are getting at the pump, 23% of Americans still plan to hold back on summer travel and road trips due to gas prices, and millennials are the most likely to curtail their travel plans, according to a recent American Trucks study.
Americans spend roughly 3% of their income fueling their cars. That translates to roughly $1,712 annually and is about 37% more than what Americans believe they should be paying for gas. According to the study, gas costs have pushed some Americans to reconsider travel despite the favorable forecast for summer prices.
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