Road Trip! Gas Prices to Drop to 2004 Levels This Summer


Low gas prices chart EIA

Been putting off that epic road trip with friends or a beach vacay with family? Well this summer may be the time to hit the road. Gas prices will drop to the lowest levels seen since 2004, with drivers paying an average of $2.04 per gallon for regular gasoline, the Energy Information Administration said in it its Short-Term Energy and Summer Fuels Outlook.

But get this--if you’re planning to hit the road this summer, the EIA says you’re not alone. More than half of all the vehicle-miles driven in a year occur from April to September. And for all of 2016, the EIA estimates regular gas prices will average $1.94 a gallon. This will translate to more than $350 worth of gas money in drivers’ pockets compared to 2015, and about $1,000 more compared to 2014.

Michael Green, AAA spokesman, told Bloomberg BNA there are more and more people out on the road.

“Lower gas prices have motivated millions of Americans to drive more. Last year went down as the busiest driving year of all time,” he said. “Cheaper gas prices have helped bring back the great American road trip.”

One of the biggest contributing factors to low gas prices is low crude oil prices. There’s an abundance of crude oil throughout the world, which makes it cheaper to make gasoline, he said.