At $2.85, the national gas price average is five cents cheaper than a week ago, 12-cents less than a month ago, but 58-cents more than a year ago. Gas prices have consistently been declining since Memorial Day. On the week, 49 states saw pump prices drop with and motorists in Indiana and Michigan saw double-digit declines.

Gas prices may be poised to drop even more following OPEC’s announcement that the cartel will increase production by 1 million b/d in the second half of 2018. However, that number may be revised closer to 600,000 b/d, as there is speculation that some producers – including Libya, Venezuela and Iran – will not be able to meet the quota increase. Regardless, the production increase is expected to decrease crude prices and in turn drive down gas prices later this year.

“The OPEC production increase will help to offset concerns of shrinking global supply caused by high global demand this year,” said Jeanette Casselano, AAA spokesperson. “For drivers in the U.S., pump prices likely will not see an impact immediately. Changes, and most likely not dramatic ones, are anticipated to hit pump prices late summer or early fall.”

The cartel made the production decision after the U.S., China and India voiced support for an increase to prevent an oil deficit that could stifle economic growth in the latter half of 2018. The production increase will occur ahead of this December’s expected dissolution of OPEC’s production reduction agreement, which has worked to reduce global oil supplies and increase the global price of crude since the beginning of 2017.

The following is an opinion editorial provided by Glen De Vos, Aptiv's chief technology officer and president, Mobility and Services Group.

DUBLIN, June 22, 2018 - In 1999, Aptiv (then Delphi) put the first radar on a car. Ever. It was a 1999 Jaguar, and we joked that if you bought the radar, you got the car for free. With that first system, we took a technology from aerospace and put it on a car. It was a revolutionary break-through, and is one that has since saved countless lives. But, as the joke implies, it was very expensive at the time.

That's how it goes with most technology when it's first introduced – expensive and only available on premium or select vehicles. But over time as the technology proliferates, production volumes increase, and continuous improvement in the technology makes its impact, prices invariably come down. Just think of flat-screen TVs. When they were first introduced, they were astronomically expensive. Now, flat-screens are norm and affordable for all market segments. We call this phenomenon the democratization of technology – a progression in which the tech becomes available and affordable to all. The phenomenon is no different with automotive technology.

When the radar was introduced to the automotive space, it was a radical leap forward from the anti-lock braking and traction control systems that represented the early steps in 'active safety' technology. It also represented a completely different approach from 'passive safety' systems – e.g. seatbelts and airbags, where the technology worked to keep passengers protected during a crash. Now, we have technology that proactively helps prevent crashes.

VW Group and Audi CEO Rupert Stadler have been arrested. Volkswagen has been trying to protect top brass in the emissions cheating scandal. Find out more on the scandal, diesel fuel, a Tesla car on fire and other auto industry news with The Car Coach, Lauren Fix.

MCLEAN, Va., June 21, 2018 -- In the June 2018 Used Car and Light Truck Guidelines Industry Update, analysts at J.D. Power Valuation Services note the used vehicle market turned a typical performance in May. As a result, the J.D. Power Valuation Services' Seasonally Adjusted Used Vehicle Price Index remained flat, compared to April at 117.0. May's index increased 3.1 points year over year, and 2.5 points above where it sat in January.

Highlights from the free monthly report also point out:

Wholesale Prices Decline in May

Prices fall by an average of 1.7%

Used Vehicle Price Index Remains Unchanged

Index holds at 117.0

INRIX predicts travel times during the holiday week will double compared to normal trips

ORLANDO, Fla. (June 21, 2018) – A record-breaking 46.9 million Americans will travel 50 miles or more away from home this Independence Day holiday, an increase of more than 5 percent compared with last year and the highest number since AAA started tracking 18 years ago. For the 39.7 million Americans planning a Fourth of July road trip, INRIX, a global transportation analytics company, predicts travel times in the most congested cities in the U.S. could be twice as long than the normal trip, with Tuesday being the busiest day.

“This Independence Day will be one for the record books, as more Americans take to the nation’s roads, skies, rails and waterways than ever before,” said Bill Sutherland, senior vice president, AAA Travel and Publishing. “Confident consumers with additional disposable income will look to spend on travel this holiday, building on an already busy summer travel season.”

In addition to strong economic variables, the expected increase in travelers this year is helped by Independence Day falling on a Wednesday, giving travelers more flexibility to schedule a trip the weekend before or after the holiday. The Independence Day holiday period is defined as Tuesday, July 3 to Sunday, July 8.

By the Numbers: 2018 Independence Day Holiday Travel Forecast