Here’s something U.S. motorists can celebrate: U.S. fuel prices have taken a sharp tumble over the past week, dipping below $3.50 a gallon on average across the country, just in time for the Independence Day holiday.
That’s not to say we won’t see many service stations jacking up prices to take advantage of holiday travelers, a 4th of July tradition as familiar as hot dogs, apple pie and fireworks. But the latest weekly survey from the Energy Information Administration finds that a gallon of regular has tumbled to $3.496, down from $3.577 just a week ago.
The downward trend comes in line with earlier forecasts by the EIA that prices of crude oil and refined petroleum products would generally favor consumers in the months ahead. That reflects ongoing concerns about both the U.S. and Chinese economies, as well as weak demand in Europe.