July 4th gas to be cheapest since at least 2010

WASHINGTON, June 30 (UPI) -- Though seasonally high, U.S. holiday goers are expected to pay the lowest price for gas during the July 4th weekend in at least five years, motor club AAA said.

The average retail price for a gallon of regular unleaded gasoline for Tuesday was $2.77, down a fraction of a percent from the previous day. AAA said prices at the pump tend to drift lower in the days preceding the July 4th holiday, though this year prices are set to be the lowest for the holiday in at least five years.

The U.S. Energy Information Administration reports gasoline prices averaged $2.76 for the first week of July 2010 and $3.58 for the same week in 2011.

AAA said the average price for a gallon of regular unleaded gas is down two cents from one week ago, though prices have held steady for most of the month. Prices are about three cents less than they were June 15, which was the high-water mark for the year.

Gasoline prices are tied closely to crude oil markets, which have been in a slight downturn for most of June. Oil prices are trending lower amid concerns about the Greek bailout and Iranian nuclear negotiation deadlines.

AAA said state-level gasoline prices are holding steady, though year-on-year savings at the pump are considerable. The average price on this date in 2014 was $3.68.

EIA said in a market report for June it expected retail prices to average $2.44 for full-year 2015 and $2.55 for next year.