Price of gas to drop through July 4th weekend

CHESTERFIELD, VA (WWBT) – Good news for everyone hit hard by high gas prices. Prices at the pump could be coming down again, following the President's decision to open oil reserves to counter unrest in the Middle East.

Oil experts tracking crude oil say when the price per barrel goes up or down, the price at the pump follows. The president's announcement has Brenda Jones seeing dollar signs!

"I do think it's great that they're going to try to do something for the holiday because it is the biggest holiday season of the summer and a lot of people are traveling," she said.

Though she won't be one of them, at $3.41 a gallon, she says the price just isn't right for a July 4th getaway. But Brenda could be in for a surprise. Experts say we should see the effects of the oil release by the holiday weekend.

A lobbyist for gas stations says a release of this kind is rare.

"No. The last time was 2008 when we had those two big hurricanes in Texas," said Mike O'Connor who tracks the price of crude oil.

And driver, Christian Deguzman, will be watching for even the slightest drop because he says, "Every penny counts, you know."

The IRS is also extending help for drivers who use their vehicles for work. Starting July 1, you will be able to write off 55.5 cents a mile. That's an increase of 4.5 cents.

The U.S. pledged to release 30 million barrels of crude oil. 27 other countries will also release crude bringing the international total to more than 60 million barrels.

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