Lowest gas prices on Fourth of July weekend since 2005
WEST LAFAYETTE, Ind. (WLFI) – Low gas prices could bring nearly 43 million Americans out on the roads this weekend. Prices are about 45 cents per gallon lower than what they were this time last year.
Purdue economist Wally Tyner said they are the lowest prices have been on Fourth of July weekend since 2005.
“The low prices are doing exactly what you would expect,” said Tyner. “Inducing more people to get out and drive this weekend.”
Tyner said it’s because the price of crude oil is low. Crude oil is running about $49.00 per barrel.
He said this area is just coming off a time of higher prices than normal because of recent Canadian wildfires where northern Indiana gets a good portion of its oil.
But Indiana is starting to see prices go down. The Family Express on Northwestern Avenue in West Lafayette is charging $2.27 per gallon for unleaded gas. That’s about three cents less than the average in the area.
Nick Palcheff said he’s traveling to the St. Louis area on Friday. He’s thrilled he only has to spend about $30.00 to fill his tank this year.
“A couple of years ago, I was spending $50 on a tank,” said Palcheff. “And that’s no fun, especially as a college kid.”
Kylie Boswell is headed to Angola this weekend.
“I was actually really surprised,” said Boswell. “And I was like, ‘OK, I definitely have to stop here.’ And it almost being $2 is pretty exciting.”
Tyner said low gas prices are expected to stick around. There’s even a possibility they will decrease even more this summer.