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US Gas Prices July 4th Weekend Expected to Reach 6-Year High

Image: US Gas Prices July 4th Weekend Expected to Reach 6-Year High

By    |   Wednesday, 02 Jul 2014 04:15 PM

Gas prices in the United States over the July Fourth holiday weekend are expected to be the highest in six years, driven by tension in Iraq.

Prices are expected to average $3.68 a gallon for regular grade, according to USA Today.

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That’s about 17 cents higher than last year, but still beneath the $4.11 a gallon average price paid on July 4, 2008.

Average gas prices for the year are expected to peak at $3.75, Tom Kloza, senior energy analyst for gasbuddy.com told USA Today. The hurricane season is a wildcard, and tropical storms could disrupt supplies and refineries in Texas, Louisiana, and Mississippi.

U.S. oil production is as high as it’s been since October 1986, and gas supplies are strong throughout the United States, MarketWatch reported. But violence in Iraq has raised concerns about Iraqi exports and left the market jittery.

Oil futures have risen 99 cents since militants captured Mosul, Iraq’s second-largest city, on June 10.

Gas prices are expected to drop this summer, and by Labor Day could reach 7 cents to 12 cents less than the current average, NBC News reported.

"Without hurricanes, I would say Labor Day, I would be looking at something in the $3.55 to $3.60 neighborhood," Kloza told NBC News.

Twitter users shared frustrations about rising gas prices.









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Gas prices in the United States over the July Fourth holiday weekend are expected to be the highest in six years, driven by tension in Iraq.
us, gas, prices, july 4th, weekend
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2014-15-02
Wednesday, 02 Jul 2014 04:15 PM
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