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Gas Prices Hit Six Year High
By Joe Gullo
Your Independence Day picnic may come with a side of high gas prices.
AAA predicts nearly 35 million people will hit the road this 4th of July weekend. That means a lot of stops for gas and this year it means a little more pain at the pump.
Prices are expected to be at their highest level in six years. The national average for a gallon of regular is around $3.67 a gallon. Prices are expected to hover right around there for the holiday weekend.
If you're keeping track, that's 20 cents a gallon higher than last year at this time and the highest average price since 2008.
What usually happens is gas prices fall in June, but that didn't happen this year, mostly because of the turmoil in Iraq, which is a key supplier of global oil.
But look on the bright side: The national average is no where near the all time high of $4.11 a gallon that we hit that back in 2008.
Of course, drivers in some states-- like Alaska, California, and Hawaii are already paying $4 or more a gallon.
Analysts do think that prices should moderate later in the summer as demand goes down.
Two wildcards to watch: Prolonged conflict in Iraq could drive prices higher and as we enter hurricane season, a storm that disrupts production could also drive prices higher.