If you’re weighing the idea of a late-summer get away with the family before the kids head back to school, now might be a good time to pack up everyone and hit the road—especially given the near-term outlook for gasoline prices.
While the first part of July saw gas prices reach a national average of $2.90 per gallon, prices slid to an average of $2.84 across the country this morning, according to a AAA report issued earlier today.
“July gas prices have been on a roller coaster ride, but appear to be on a downward slope at the moment. If demand and supply stay consistent, prices have the potential to stabilize barring any major events--geopolitical or natural disasters,” said AAA spokesman Jeanette Casselano in a press release.
The company says gas prices have not been this low since early May.
Casselano said gas prices typically move upward at the start of summer. One reason for that is because the EPA requires refiners to produce a summer-blend gasoline that has a lower Reid Vapor Pressure (RVP), making gasoline less likely to evaporate during warmer temperatures. The blend is more expensive to produce, and the cost is typically passed on to consumers.
Typically, gasoline prices trend lower as the summer wanes and cooler temperatures return.
For now, the AAA reported that the nation's top 10 least-expensive markets are: Alabama ($2.54), South Carolina ($2.54), Mississippi ($2.54), Arkansas ($2.58), Louisiana ($2.58), Oklahoma ($2.60), Virginia ($2.61), Tennessee ($2.61), Texas ($2.61) and Missouri ($2.61).
Below are the 10 states with the largest monthly changes in gas prices.