Gas prices drop ahead of 4th of July weekend

The national average price for a gallon of gas was $3.54 for the week ending June 29, according to the latest report by AAA. That marked a four-cent drop from the previous week and could spell good news for motorists getting ready to travel for the 4th of July weekend. 

"Drivers hitting the road for the Fourth of July holiday will find the gift of lower gas prices across most of the country," AAA said in its report. 

Gas demand decreased from 9.38 to 9.31 million barrels a day last week, according to the Energy Information Administration (EIA). Additionally, total domestic gasoline stocks increased by 600,000 barrels to 220 million barrels. 

"Lower gas demand amid increasing supply has helped to limit pump price increases," AAA said in its report. "If demand remains low, pump prices will likely continue to decline through next week."

Despite overall high gas prices, many Americans aren’t putting off summer travel this year, AAA reported.