CEDAR RAPIDS, Iowa AAA said the national average price of gas dropped about 16 cents a gallon in July.
That’s the largest July decline in six years.
Falling gas prices are nearly the opposite to what we usually see this time of year, said AAA spokesman Avery Ash. Refineries are running at full tilt and there is more than enough gasoline in the market, which has helped bring down prices despite multiple overseas conflicts.
Thursday’s national average price for regular gas was $3.52 a gallon. That’s 11 cents lower than a year ago.
Iowa’s average price was $3.39, down 16 cents from June, and 22 cents from last year.
Cedar Rapids’ drivers are paying even less, at $3.36 a gallon. That’s nine cents lower than June, and a 25 cent drop from 2013.
AAA said it expects prices to remain lower in August as long as refinery production remains strong. It said unexpected issues like hurricanes could disrupt oil production, refinery facilities or pipelines.