The American Automobile Association (AAA) announced today that gas prices are lower than they’ve ever been in the last 12 years. According to AAA, the national average gas price right now is $2.21 per gallon of regular unleaded.
Furthermore, AAA says than 25 percent of the gas stations in the U.S. are offering gas under $2. South Carolina has the lowest average of gas prices – $1.88, while the highest point is in California – $2.85.
The low prices are a result of the large gasoline surplus in the US and relatively low prices for a barrel of oil. Currently, the US has a 13 percent larger supply of gasoline than it did last year, and that surplus is the largest it has ever been for the US in July. Oil prices are also hovering at about $45 a barrel.
As the summer continues – with its usual high travel patterns – this can only be good news for travelers across the country. The low gas prices are also likely influencing the rise of SUV sales which are once again the core of the auto sales in the United States.