Average Gas Price Dips Below $5 as July 4 Travel Blitz Nears

The average price for a gallon of unleaded gas dropped below $5 this weekend, according to AAA, which tracks average national gas prices.

One week ago, the price of a gallon of unleaded gas stood at $5.014 on average. That price dropped to $4.981 on Monday. GasBuddy, which also tracks gas prices, states that the price of a gallon of unleaded gas has stood at about $5 since June 11, having peaked at $5.016 according to AAA.

Tom Kloza, the global head of energy analysis for OPIS, which tracks gas prices, told CNN recently that the upcoming end of the school year and start of the summer travel season will likely cause gas prices to rise, possibly as much as $6 per gallon.

"Anything goes from June 20 to Labor Day," Kloza said. "Come hell or high gas prices, people are going to take vacations."

However, GasBuddy analyst Patrick De Haan recently wrote: “No one should be in a rush to fill their gas tank - prices in most areas of the U.S. will be coming down in the days and weeks ahead (things could shift, so stay tuned), but we could drop back to a national average of $4.75-$4.85/gal by July 4 if nothing changes!”

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