Gas at best price since '05
The pinch at the pump won't hurt much this Independence Day weekend.
Families fueling up for a summer vacation can expect to pay the lowest Fourth of July prices for regular-grade gasoline in a decade, according to historical price data kept by the U.S. Energy Information Administration.
A 20-gallon fill up will cost about $8.60 less this year than last, and $27.80 less than in 2014. The price for a gallon of regular gasoline this weekend is expected to hold at this week's Texas average of about $2.12. That's the lowest price in the reporting period closest to the Fourth of July since it was $2.11 in 2005. The price peak for the weekend was $3.94 in 2008.
At $2.12 per gallon of regular gasoline, a family car could travel to Corpus Christi and back for less than $50, and a pickup truck could make the trip for about $63, based on U.S. Department of Transportation fuel efficiency standards. In 2014, the same trip would have cost about $75 for the family car and $104 in the pickup truck.
Contrary to popular opinion, gas prices tend to decline around the Independence Day weekend. In seven of the past 10 years, the price paid at the pump for a gallon of gasoline was cheaper the week of the Fourth of July than it was in the preceding week.
Some energy experts are predicting price declines through the remainder of 2016. Prices could drift south of $2 for regular gasoline nationally as early as November, and traditionally that would mean North Texans would be paying less than $2 sooner.