(RALEIGH) -- Independence Day holiday travel in North Carolina is expected to increase by 5 percent over last year. Tom Crosby at AAA Carolinas attributes the rise, in part to reduced gasoline prices.

"Compared to last year in North Carolina, prices in 2011 were $3.47. Today they're $3.18 on averag.  A difference of nearly 30 cents per gallon."

The price of gas has steadily declined in recent weeks. Tom Crosby at AAA Carolinas says all factors that play in to the price at the pump indicate a continuing downward trend.

"There's nothing on the horizon we can see that would push the price back up. There's possibility we could see prices below $3.00 per gallon before the end of the summer. It all depends on the global economy."

The average price for a gallon of regular unleaded in North Carolina is $3.17 ... down 39-cents from this time a year ago, and 74-cents less than it's April, 2012 peak of $3.91. Crosby says global economic trends point to a continuing decline in the U.S.

"We have China, India, Brazil all scaling back their economies. There's problems with the Euro and the European Union. All of the trouble they're having translate to good news for us at the pump."

Crosby says there is, however, a factor that could drive the price of gas higher.

"I think the only thing we have to fear is a hurricane in the Gulf that would affect our gas prices in the Carolinas. That is the unforseen that may stop prices going down and drive them back upward."

The Gulf Coast receives approximately 44% daily U.S. imports and is responsible for about 29% of domestic oil production. A hurricane on the Gulf Coast has the potential to disrupting production and import delivery.