U.S. gas prices fall for six straight weeks, but July 4 average is still seen at $3.75 a gallon

U.S. gasoline prices have declined for six consecutive weeks, but the national average is still projected at about $3.75 per gallon on July 4, the second-highest on record. Brent crude briefly slid toward $72 per barrel before rebounding to around $75 on Thursday as Middle Eastern supply returned, including restarts at Saudi Arabia’s Ras Tanura terminal and rising Iraqi exports. Retail pump prices have not fallen as quickly as crude, reflecting both lingering shipping uncertainty around the Strait of Hormuz and the typical lag between wholesale and retail markets.