Economy Watch: More Americans Traveling for July 4 Than Ever

Local gas prices uncharacteristically low

Gas prices in Rhode Island have dropped by three cents this week.

At the rest stop along Interstate-71 North near Columbus, holiday travelers 10TV spoke to from as far away as NY and MI were pleasantly surprised to see Ohio's gas prices.

According to AAA, the average price for a gallon of gas in Virginia is nine cents cheaper than this time a year ago.

Gasoline prices in Wichita are down two cents per gallon from last week, down 24 cents from last month, and 7% below the $2.11 price from one year ago.

AAA reports that the most expensive gasoline can be found in the City of Chicago, at $2.73 per gallon.

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So far this spring, regional prices are about what they were in February. OPEC members in May agreed to extend those production caps another nine months, but disappointed investors who wanted deeper cuts.

The drop in prices came despite a 4 cents per gallon increase in Tennessee's state gas tax, effective Saturday.

McTeague says the cost of crude has slowly been creeping back up which could mean higher prices at the pump at the end of the week. "It is just a matter of time before the national average bottoms out for the short-term". That's about 7 cents less than at the same point previous year.

AAA's weekly survey of prices in Connecticut's four regional areas as follows: Greater Bridgeport/Stamford is at $2.51; New Haven/Meriden at $2.38; Greater Hartford at $2.41; and New London/Norwich at $2.46. It's the third consecutive week that the Ann Arbor area had the highest average.

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