AAA: July 4 gas prices highest in six years

Drivers see a spike in the price at the pump. (WLFI Photo)
Drivers see a spike in the price at the pump. (WLFI Photo)

INDIANAPOLIS (WISH) – Millions of Americans are getting ready to hit the road for the holiday weekend. But this July 4, AAA says we’ll be paying the highest gas prices in six years.

According to AAA, most of us are paying about 15-20 cents more per gallon than expected heading into this holiday weekend.

The average price for a gallon of gas in Indiana Wednesday morning was about $3.60. Some stations in Indianapolis were still selling gas for $3.47. Others, according to GasBuddy.comhad increased the price to between $3.69 and $3.79 per gallon.

We often see gas prices go down in June as refineries finish up maintenance and increase gas production to get ready for the summer driving season. But this Summer, that’s exactly when tensions began to rise in Iraq. Experts say violence there and concerns about insurgents taking over have driven up the cost of oil.

Iraq is the second largest oil producer in OPEC — the Organization of Petroleum Exporting Countries.

This year’s July 4thaverage is considerably more expensive than recent years. According to AAA, the national average on July 4 in previous years was: $3.48 (2013), $3.34 (2012), $3.57 (2011), $2.74 (2010), $2.62 (2009) and $4.10 (2008.)

The price at the pump this month is expected to stay high and perhaps go even higher if there are any new developments in Iraq or a major hurricane.

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