Gas prices hit July 4th low

Posted: Updated:
YONKERS -

Americans who like to travel during the Fourth of July holiday will find some relief at the gas pump.

GasBuddy.com is projecting a nationwide average of $2.21 a gallon, which is the lowest price since 2005. It's also the first time in 17 years that gas prices will be lower on the Fourth of July than they were on New Year's Day.

Analysts say it's because of a drop in crude oil prices due to oversupply concerns even while OPEC nations are cutting back nearly two million barrels a day.

The analysts are stunned by the dramatic turn-around because they originally projected gas prices to be near $3.00 a gallon this summer.

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