U.S. drivers saw welcome relief at the pump heading into the July 4th holiday, with the national average for gasoline holding below $4 per gallon for multiple weeks. According to AAA, prices declined for five consecutive weeks, reaching approximately $3.91 per gallon at the end of June, down from nearly $4.50 just one month prior.

This downward trend has been supported in part by softer crude oil prices, as global markets reacted to progress in U.S.–Iran negotiations and easing supply concerns. However, despite lower prices, demand remained strong. AAA projected that a record number of Americans would travel over the holiday weekend, with the vast majority opting to drive.

Source: AAA.com