MENANDS, N.Y. (NEWS10) – With the Fourth of July holiday weekend approaching, gas prices have reached a 12 year seasonal low.
AAA estimates that 44 million people will be on the roads this weekend.
“It’s awesome! I don’t want to pay a lot for gas!” Rachel Hanson said.
The national average for gas is currently $2.20, but there are some places in the Capital Region where you can pay even less than that at the pump.
The best prices NEWS10 ABC found was at the Speedway in Cohoes where gas was only $2.14.
“In London, gas prices are really expensive. So it’s a change to be able to pay so little to fill up your car and get around in this country,” Hanson said.
The dip in prices comes just in time for the Fourth of July, the heaviest traffic holiday of the year.
“We are going to go to Lake George, that is a must,” Linda Hoogkamp sai.d
“My husband and I drive to Ohio all the time since gas prices are so low,” Hanson said.
Historically, gas prices rise over holiday weekends, but this year, consumers have more than independence to celebrate.
“I’m ecstatic! I think it’s amazing. I hope it stays that way,” Caroline Weinlein said.
The reason behind the drop is due to supply and demand, according to the gasoline and Repair Shop Association of New York. While the U.S. has nearly doubled domestic production of gasoline, there is not enough demand for all the gas being produced.
“The United States has enough gas to take care of itself and as long as the inventories stay up, the prices will stay down,” Ralph Bombardier, Executive Director of the Gasoline and Repair Shop Association of New York, said.
Check local gases prices in your community by using data from GasBuddy:
For the first time in 17 years, gas prices are expected to be lower on the Fourth of July than New Year’s Day.