Gas Prices Decrease, Still 70 Cents Higher Than Last Summer

By: Alicia Myers Email
By: Alicia Myers Email

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Tuesday, June 28, 2011

Although gas prices are about 70 cents higher this Independence Day weekend compared to last, prices are continuing to drop almost daily.

Filling up your gas tank is like playing the lottery these days.

"I've heard that it could possibly drop, or it could possibly go up to $5 per gallon," said Ty Santeusanio, Kansas City.

For the sake of holiday travelers, gas is actually seeing a decrease, as Americans prepare for the busiest travel holiday of the year.

"You only wish for as low as it could, but, we're glad whenever it goes down a quarter or fifty cents. It makes a difference," said Lyndon Bartell, Minnesota.

Gas prices have dropped because of cheaper crude oil, and due to the announcement that 60 million barrels of oil will be released from reserves. 30 million of those will be from the United States.

AAA says sustained higher gas prices have had an affect on people's purchasing habits as well.

"The impact of rising fuel prices over time has really created some demand destruction, and with minimal disposable income growth, those two things have really changed the picture of who is able to travel over the holiday," said Jim Hanni, AAA Kansas spokesman.

About 3 million people will take to the skies this Fourth of July holiday, up 9% from last year.

Nearly 33 million motorists will hit the road, traveling 50 miles or more.

The average price of regular unleaded fuel nationwide, is $3.56.

Those driving through Kansas on the Turnpike are lucky. Their gas is 29 cents cheaper at $3.27/gallon.

The average price in Wichita is $3.38/gallon.

One week ago, gas was $3.47/gallon.

One month ago, gas was $3.65/gallon.

One year ago, gas was $2.55/gallon.

Even though today's average price is much more than prices last Summer, thankfully, Kansas has some of the cheapest prices in the country.

"We're not on the bottom, but we're definitely in the lower sector, so, good news for maybe doing some 4th of July travel around our area," said Hanni.

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