Due to a recent spike in gasoline prices, this Fourth of July weekend will be the most expensive one for drivers since 2008.
The average price for a gallon of regular-grade gas will be about $3.68, which is up 17 cents from last year, but still well shy of the national average record set on July 4th, 2008 of $4.11.
Fears caused by the political unrest in Iraq have mainly been responsible for the unseasonably-early rise in crude oil prices, which consequently drive up gasoline prices.
At $105.74 a barrel, Benchmark west Texas crude oil is consistent with the highest prices over the last nine months.
Fears that political unrest will cause Iraqi oil exports to be slashed in half have caused the cost of a barrel of Brent crude to jump more than 5% to $113.31.
There may be a silver lining, though, as energy analysts expect the recent rise in prices to top off at their 2014 peaks, and plateauing around $3.75 a gallon.
Gas prices in the first half of 2014 are expected to average around $3.52 a gallon, which is down 5 cents from the first half of 2013 and 12 cents below the $3.64 average in the first six months of 2012.
In addition to the looming violence and unrest in Iraq, the upcoming hurricane season may disrupt supplies in refineries along the Gulf Coast in places such as Texas, Louisiana, and Mississippi.
South Carolina currently has the nation’s cheapest average cost per gallon at $3.38. On the other hand, Hawai’i holds the nation’s highest average, topping off at $4.34 a gallon
