Gas prices seeing big summer decline
Retail gasoline prices are poised to cap the biggest July decline in six years as U.S. refineries process the most oil on record, AAA said.
The decline is helping consumers during the peak-demand summer months, when Americans take the most vacations, and comes as data indicate the U.S. economy is improving.
Gross domestic product rose at a 4 percent annualized rate in the second quarter after shrinking 2.1 percent from January through March, Commerce Department figures showed Wednesday.
Nationally, regular gasoline has dropped 15.5 cents, or 4.2 percent, to $3.517 a gallon this month, according to AAA, the nation’s largest motoring club. Prices have averaged $3.60 a gallon, down from $3.67 in June, after rising more than 4 percent in the three previous Julys, AAA data show.
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