Gasoline averages nearly $3.70 before Fourth

Gas prices are beginning to decline as we approach the July 4 holiday weekend, according to AAA.

But July 4 prices are still expected to be the highest since 2008, said Mark Jenkins of AAA.

The national average for regular unleaded was $3.67 on Wednesday, according to AAA’s Fuelgaugereport.com site. A year ago, it was $3.478.

In Georgia, the average was $3.586 on Wednesday, up from $3.352 a year ago.

In Newnan on Wednesday, the lowest price for regular unleaded was $3.55, according to GeorgiaGasPrices.com. Other stations had it for $3.75 or higher.

Despite the high prices, more than 34.8 million Americans are expected to drive 50 miles or more.

The price of oil slipped last week, Jenkins said. “Market concerns about a supply disruption in Iraq are calming,” he said. “Motorists should begin to see some relief at the pump. However, the discount may only be a nickel.”

Last week, gas prices hit a 2014 peak, said Patrick DeHaan, senior petroleum analyst with GasBuddy.com. "The good news is that we're seeing signs that the peak price we hit last week is starting to unwind,” he said.

If the situation in Iraq remains calm and “hurricane season continues to be a non-story, motorists will continue to see a slow decline in prices,” he said.



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