Oil prices per average are down almost $5 dollars per barrel as compared to the same time period last year which as of today, July 1, 2017, WTI or West Texas Intermediate’s price per barrel stands at $46.32.
When compared to July 1, 2016 which was averaging at $51.34 per barrel. A difference of $5.02 in a years time and stiff competition at the pump clearly shows that this 4th of July weekend will see prices of gas remain steady or even drop slightly. Gas prices on July 1, 2017 range from $2.09 – $2.11 in various gas stations locally. This allows for people to hit the highway and travel without worrying about an all out increase from one day to the next.
What this price drop means for all other crude oil producers or the bigger picture is yet to be seen but the consumer will experience lower gas prices in the short term.