If you’re planning on traveling for the busy Fourth of July weekend, then you may want to reconsider doing it by car. Gas prices are rising and reports, such as that by BizJournals on June 30, 2014, state that they will actually be the highest they’ve been since 2008.
Reports and research have average gas prices at $3.69 a gallon for regular-grade gas. This is up a full 17 cents from last year, but is still a good bit below the record price of $4.11 that people were paying right after July 4, 2008. Still, this is the highest it has been since then.
AAA is monitoring the gas prices as usual and released a statement regarding how high they will rise:
“Market concerns about a supply disruption in Iraq are calming,” said Mark Jenkins, spokesman, for AAA-The Auto Club Group. “The price of oil slipped last week, so motorists should begin to see some relief at the pump. However, the discount may only be a nickel, keeping the average price on Independence Day at its highest level since 2008.”
Tom Kloza, a senior energy analyst for GasBuddy.com, expects that gas prices could top out at $3.75, but could be near their 2014 peak at some point.
Polls show that South Carolina Drivers were enjoying the lowest gas prices at an average of $3.37 per gallon of regular gas. Those driving in Hawaii were dealing with the highest gas prices at $4.37 per gallon for regular.
“Demand during the summer looks to be brisk, but it will be hard-pressed to match last year’s consumption rate. Year-to-date, U.S. motor fuel demand has averaged about 365 million gallons per day, up about 1.7 percent from the same period in 2013,” Kloza told USA Today. “But lower demand looms through most of 2014 thanks to less driving by Millennials and an increasingly more efficient light-vehicle fleet.”
The trend in past years is that gas prices peak in June and then drop back down by the time Independence Day rolls around, but this year will be different. Make sure to do some research and looking around for the best gas prices around before you travel.