AAA credits the low prices at the pump to a large gasoline surplus in the US and relatively low prices for a barrel of oil. Currently, the US has a 13 percent larger supply of gasoline than it did last year, and that surplus is the largest it has ever been for the US in July. Oil prices are also hovering at about $45 a barrel.
This isn't the only good news for drivers this summer. AAA expects gas prices to remain low throughout the summer, barring some unforeseen event such as a hurricane, distribution, or refinery issue – or possibly overseas tensions. While the low gas prices are a boon for consumers, those concerned about fossil fuel usage and greenhouse gases may be worried about people driving more and a possible return to high truck and SUV sales.