Gasoline Prices Fall to Five-Month Low in Time for July 4 Travel

Gasoline prices have slipped to a five-month low as Americans begin their travel for the July 4 holiday, according to AAA.

The national average for unleaded gas stands at $3.48 per gallon Wednesday, unchanged from Tuesday, when the price hit its lowest level since Feb. 1.

To be sure, the $3.48 is still the third highest level recorded for the July 4 period, AAA said. But the recent decline will help the estimated 34.4 million Americans who will travel the roads through the weekend.

"Rising gasoline supplies have pushed average prices nationally below the psychologically important level of $3.50 per gallon just in time for one of the busiest travel periods of the year," Avery Ash, a spokesman for AAA, said in a statement, The Hill reports.

"While such relatively small savings are probably not worth celebrating, millions of Americans will be relieved to save a little extra money as they travel for Independence Day," Ash said.

Gasoline supplies stand at their highest levels in more than 20 years, according to AAA. It says the price decline also stems from continued weak demand.

But the decline may be temporary, the group says.

"Gas prices remain high and may not drop too much further in July, because crude oil remains relatively expensive," Ash said. "Factors such as increased summertime demand and the impending hurricane season also could result in higher pump prices for motorists."