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Gas Prices Decline In Advance of Holiday

Posted at: 07/03/2013 3:37 PM



NEW YORK (AP) - U.S. motorists are getting a break as they head out for the beach and other vacation spots for the Fourth of July.

Gasoline prices are continuing a summer slide. The average price of a gallon has fallen for 21 straight days, and is now below $3.50 for the first time since February.

Oil prices have been relatively stable and refineries are turning out more gasoline after completing springtime maintenance.

The drop may be interrupted temporarily. Oil prices spiked today on fears that the turmoil in Egypt will disrupt the flow of crude in the Mideast. But analysts don't expect a sharp increase at the pump, because there's enough of a global supply of oil, and U.S. refineries are producing plenty of gasoline.

According to Triple-A and other pump-watchers, the national average price of a gallon is $3.48. That's 16 cents below its post-Memorial Day high of $3.64.

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