Drivers to pay lowest Fourth of July gas prices in five years

Average gas prices in Charlotte were unchanged from a week ago and dropped slightly both statewide and nationwide from last week. Going into the Fourth of July weekend, drivers in the Charlotte region and beyond are slated to pay the least at the gas pump in at least five years.

As of early Tuesday, the average price of a gallon of unleaded gas in the Charlotte area is $2.645, the same price as last week and 92 cents cheaper than it was one year ago, according to auto group AAA.

The average price of gas in North Carolina is $2.656, which is down just over 2 cents from this time last week and down 91 cents from this time last year. And nationwide, gas is $2.768 a gallon, 2 cents cheaper than last week and about 91 cents cheaper from this time last year.

South Carolina drivers pay on average $2.444 a gallon for gas, which is the cheapest in the country.

Gas prices often fall leading up to the Fourth of July holiday, according to AAA.

“However, a seasonal decline in the national average this year has been offset by supply shortages due to localized refinery issues and global crude prices that have recovered from multi-year lows this spring,” the group said in a report released Monday.

AAA notes that geopolitical tensions, including an Iranian nuclear deal and the Greek debt crisis, could push oil prices down on concerns of reduced demand. That could translate to even lower prices at the pump.

This story was originally published June 30, 2015 at 7:42 AM with the headline "Drivers to pay lowest Fourth of July gas prices in five years."