Hit the road for the summer! Gas prices reach cheapest rate in 12 years

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HOUSTON - Summer is here. July 4 is around the corner, and it's a great time to hit the open road. Gas prices are cheap, in fact they are at their lowest level in 12 years!

Gas Buddy predicts the nationwide average will be $2.21 on Independence Day, the cheapest since 2005. And in Texas, AAA says its about 10 cents cheaper than that!

It's actually the first time in the Gas Buddy's 17-year history that gas prices will be lower on the 4th of July than they were on New Year's Day. Prices are usually about 50 cents more expensive.

Analysts say consumers have likely already seen the highest gas prices this year, assuming a major disaster -- like a hurricane -- doesn't delay production.

Gas prices have been steadily dropping all year as the price of oil falls across the globe.

For every one cent price drop in gasoline, Americans save $4 million at the pump. That's enough savings to hit the open road in style.