Gasoline Drops to Lowest July Prices in More than a Decade

Cheap gasoline continues to be the norm during a summer season with the lowest pump prices in over 10 years.

The American Automobile Association reported that gas prices are lower than they’ve ever been for July in the last 12 years. The national average gas price right now is $2.21 per gallon of regular unleaded, according to AAA.

AAA reported that 25 percent of U.S. gas stations are offering gas under $2. South Carolina has been offering the lower price at $1.88 per gallon. California still leads the list for most expensive at $2.85, beating Hawaii which has been selling gas at $2.82 per gallon.

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A gasoline surplus is behind the price decline. AAA reports that the U.S. has a 13 percent larger gasoline supply than last year – the largest surplus supply ever in the U.S. during July. AAA expects low gas prices to continue through the summer barring unforeseen circumstances that might include natural disasters, refinery problems, or overseas tensions.

Low gas prices are expected to play a big part in SUV and truck sales staying strong. That was one of the key points made by government agencies this week with the 54.5 mpg by 2025 midterm report.