Industry officials said global crude oil markets are contributing to lower prices at the pump this summer. Reporting from the U.S. Energy Information Administration showed that a barrel of crude oil is projected to cost $66. That’s down from $81 per barrel in 2024.
Lori Weaver Hawkins, the Public Affairs Manager at AAA Bluegrass, said gas prices have dropped dramatically from an average high of $3.41 in 2024 to an average of $2.84 this year.
“So, if you are looking ahead and you’re thinking about that 4th of July getaway, the prices at the pump are instantly going to help you with your budget,” said Weaver Hawkins.
She added consumers aren’t at the mercy of the pump, there are other things they can do to save money.
“If they keep that vehicle maintained that they’re using, that will help them get the most out of every gallon of gas, as well. I’m always reminding people that if you have the proper pressure in your tires and you have adequate tread on the tires, that not only keeps you safer but that helps you get the most out of every gallon of gas,” said Weaver Hawkins.
Weaver Hawkins said normally there’s an increase in gas prices this time of year as refiners switch over to the more expensive summer blend fuel. However, the EIA’s report showed that the price of crude oil, the primary component of gasoline, is expected to decrease over the next two years.