Gas prices fall for Fourth of July

Gas prices fall for Fourth of July

POSTED: Thursday, July 4, 2013 - 8:22am

UPDATED: Monday, July 8, 2013 - 1:54pm

If you still plan to hit the road this holiday weekend, you're in luck for a couple of reasons. Fewer people are expected to travel, and gas prices are lower.

"Definitely cheap gas, happy life," said Kevin Pace.

It's not just Pace who's happy this Fourth of July.

"Oh my god. These gas prices have gotten a lot better. I just went to Vegas and I spent way too much money on gas,” said Justin Cynor.

Across the nation, the average price for a gallon of unleaded gas is $3.48, in Texas, it’s $3.34 and in El Paso, it's $3.27 for a gallon of gas. That's a drop of 13 cents since last month.

"It's not like the ol’ golden ages when gas was like a $1.30 a gallon so it's the halfway point," said Pace.

We caught up with Kevin who's headed to San Antonio for the holiday weekend with his family.

"You want to have at least four to five vacations a year and people are depending their vacation time solely off of travel. Gas is expensive for the airlines which means higher prices and same thing for driving your own personal vehicle so it's a no-brainer, cheap gas is good," said Pace.

Experts said it's often a myth gas prices rise heading into a major holiday. That's clearly not the case this Independence Day.

The reason for the drop in gas at the pump is supply is up and consumer demand is high.

"One, the economy remains quite weak. Two, people are driving more efficient cars. And three, people really just aren't driving as much as they used to," said Michael Green with AAA Public Relations.

Still, AAA said this year's prices are the third highest on record for Independence Day, right behind $3.57 a gallon in 2011. It’s also a long way from the prices in 2008 with gas at more than $4.

In New Mexico, the price of an unleaded gallon of gas across the state is $3.38, down 15 cents from last month. In Las Cruces, it's $3.24, also a 15 cent dip.

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