National Gas Average Drops to $3.84 per Gallon from June Peak Above $4.56

The national average price for regular gasoline has declined to $3.84 per gallon from a June peak above $4.56 per gallon, New York Post reported. The average price in New York reached $4.07 per gallon as of Friday. AAA projects that 61.4 million people will travel by car over the July 4 holiday weekend.

The organization stated that the period ranks as the second-busiest driving stretch of the year after Thanksgiving. A Gallup survey from the first two weeks of June found that two-thirds of Americans report financial strain from higher gasoline prices. Nearly half said they changed summer travel plans because of fuel costs.

Consumer confidence improved modestly in June. President Donald Trump posted on social media June 29 that gasoline retailers must lower prices immediately and target around $2.50 per gallon. Sung Won Sohn, professor of finance and economics at Loyola Marymount University and chief economist at SS Economics, said gas stations continue selling fuel bought at higher wholesale prices.

He stated motorists could wait as long as six months for prices to stabilize even without renewed Middle East fighting. Sohn added that lingering Gulf shipping disruptions, higher tanker insurance costs and low global fuel inventories will likely keep prices elevated.

He noted higher gasoline prices affect lower-income Americans most because they have less financial cushion for fuel and grocery costs.