Gas prices have been falling for 20 straight days and it’s not stopping anytime soon.
The average price of gasoline is 10 cents less due to increased oil production rates, high gasoline inventory, and refinery rates, American Automobile Association (AAA) spokesperson Jeanette Casselano told Fortune. Consumer demand also seems to be down, with prices dipping as low as $2.25 in February. Prices “may very well drop lower than that in the coming days,” Casselano added.
Already, June’s gas prices are at a historical low for the summer travel season. Though it will likely raise a few cents due to the anticipated uptick in travel for the Fourth of July weekend, according to Casselano. The AAA forecasts more than 44 million Americans will travel at least 50 miles away from their homes to celebrate Independence day, a record high.
That said, Fourth of July isn’t enough to keep prices up at the pump.
“If consumer demand does not sustain or increase beyond the holiday, prices will likely drop back down,” Casselano said.
