Surprise! Gas prices are actually going down

Despite ongoing turmoil in the Middle East, gas prices are actually decreasing to start the summer.

Transcript

00:00Good news, if you're doing a summer road trip, filling your tank won't break the bank.

00:05The national average for a gallon of gas is $3.21, about 23 cents cheaper than the same time last year,

00:12according to data from the U.S. Energy Information Administration.

00:16According to GasBuddy, gas should be even cheaper,

00:18with a gallon of gas expected to be between $3 and $3.20 during the summer months.

00:24The lower prices come just in time for travelers to hit the road for 4th of July.

00:28AAA estimates nearly 62 million people will travel by car for the holiday weekend, the highest volume on record.

00:36The summer driving season typically means higher gas prices,

00:40but analysts say abundant supply is expected to keep prices down in the coming months.

00:45It also helps that oil prices have fallen sharply despite the turmoil in the Middle East.

00:49U.S. crude is down about 12 percent this week.

00:53Now, if oil starts to jump higher again, expect gas prices to follow suit.

00:57That'll do it for your daily briefing from the New York Stock Exchange.

01:01I'm Caroline Woods with The Street.