Gas Prices Drop; Fuel Efficiency Standards Would Drive Them Lower

July 4th marks one of the biggest travel holidays of the year, with Americans hitting the road to visit friends and family, go to the beach, or have a picnic and watch fireworks.  Those travels will likely continue this weekend.  All that driving has provided the Pew Environmental Group with an opportunity to highlight that if proposed fuel efficiency standards—which would require cars and light trucks to get 54.5 miles per gallon by 2025—were in place today, drivers would save at least $73.2 million this week. Pew reports that increasing fuel efficiency standards will not only save consumers money at the pump, but they also will reduce U.S. dependence on foreign oil, decrease pollution, and promote investment in new clean transportation technologies.

Meanwhile, gas prices nationwide and in Connecticut have dropped of late, after steady climbs.  Average retail gasoline prices in Connecticut have fallen 2.7 cents per gallon in the past week, averaging $3.61 per gallon for July 4. This compares with the national average that has fallen 6.6 cents per gallon in the last week to $3.37 per gallon, according to gasoline price website ConnecticutGasPrices.com.

Because of Connecticut's gas tax, state residents have become accustomed in recent years to paying more to fill their tanks than in neighboring states.