July 4 gasoline prices in the US will fall to the level of the year 2005

Фото: Depositphotos

July 4 gasoline prices in the United States will drop to the level of the year 2005.

On Independence Day, American consumers will pay an average of $ 2,21 per gallon, which is significantly lower than the average cost of gasoline over the past 10 years, which is $ 3,14 per gallon, writes CNBC.

Prices are also expected to be 12 cents lower than on New Year's Day, a traditional slow period.

In total, over the past few weeks, US gasoline prices have dropped an average of 15 cents per gallon.

Oil prices have also declined over the last month due to its global oversupply, which OPEC countries are trying to reduce by reducing exports by 1,8 million barrels per day up to March 2018 of the year. Despite reductions from OPEC, there is still an oversupply in the market due to increased oil production in other countries.

It is expected that in the next few weeks, the price of gasoline in the United States will be at a minimum for several decades.

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