Oil prices have fallen this week, leaving the average gas price below $5, a welcome sight for US travelers preparing to celebrate the Independence Day weekend.
Gas prices fell for a second week to $4.89 per gallon, down 9-percent from a week earlier, according to AAA. However, gasoline is still $1.80 higher compared to June 2021.
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The Travel Association said oil prices fell to $107 a barrel, down from $110, not because of weather or supply chain-related issues but because of weak demand.
According to AAA, fears of a global recession are leading to less demand at the pump.
“Fear is not the best reason to move a market like oil, but it is a powerful motivator,” AAA spokesman Andrew Gross said in a statement. “Oil costs about $3 for every $4.89 at the gas pump. If oil prices fall further consumers should find more relief when fueling up.”
Earlier this month, the price of a barrel exceeded $120, Sending the average price of a gallon of gas to $5.01, an all-time high since AAA began collecting gas price data in 2000.
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That’s how much you’ll save on a tank of gas It depends on where you fill up this week.
Florida saw the most significant drop in gas prices per gallon this week, with a decrease of 15 cents per gallon. Wisconsin and Delaware both dropped 13 cents.
Meanwhile, the South has the cheapest gas on average in the US. According to AAA, the least expensive places in the nation to fill up include Georgia, Mississippi, South Carolina, Louisiana, Arkansas and Alabama.
AAA spokesman Robert Sinclair said a record number of people will drive this year compared to flying.
AAA predicts that 47.9 million people will travel 50 miles or more from home during the Fourth of July weekend.
“A record number of people are driving, 42 million, and the overall number of 47.9 (million) is the second highest of all time, trailing only 2019,” Sinclair said.
The Federal Aviation Administration has blamed the surge in cancellations on staff shortages and weather.
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Most Americans are choosing to drive instead of fly this Independence Day
The summer travel season is in full swing, and AAA says Americans are leaving on July 4th A vacationer drives to their destinations rather than booking a flight.
“We’re back to pre-pandemic levels. I think the surge in car travel is partly because of the problems we’re seeing with airline flight cancellations and delays,” Sinclair said.
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Despite record-high gas prices, AAA says car travel over the Independence Day holiday will break records. The busiest travel day during the Independence Day weekend will be Friday, Sinclair said.
An estimated 42 million Americans hit the road, but only 3.55 million (7%) choose to fly.
That’s because, according to AAA, people are worried about recent problems with air travel, such as long delays and canceled flights due to crew shortages and poor weather conditions.
AAA says the share of people traveling by air on vacation will be the lowest since 2011.
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Sinclair recommends hitting the road before 7am or after 8pm on holiday weekends to avoid traffic.
“This weekend is going to be very busy,” Sinclair said. “If you’re in a major city across the country, you can expect the roads to be jammed, 120, 130, 140% more than normal, so keep that in mind when you’re ready to make your trip.”
Before starting a trip, make sure your tires are properly inflated as it helps save engine power and gas.
Get updates on this story at FOXWeather.com.