Gas prices jump for Fourth of July

LAFAYETTE, Ind. (WLFI) – Motorists who are planning to travel this weekend can expect a rise in gas prices for the holiday. Gas prices are expected to be the highest Fourth of July weekend prices in six years.

“I think they’re too high because I mow yards and use a lot of gas,” said driver Angie Demarr.

Purdue Economist Wally Tyner said normally gas prices peak in April and May, but decrease during the summer. He said the tension in Iraq is keeping prices up at the pump.

“Problems in Iraq caused the price of crude oil to go up about $10 a barrel,” said Tyner, ”And that $10 a barrel gets translated directly to the price at the pump.”

Tyner said the national average is projected to be around $3.70 for the weekend. In 2008, the national average was $4.06.

Recently, local gas prices have been about 30 cents below the national average, but Tyner said the gas prices in Indiana are catching up to the national average.

“We have been very fortunate due to a regional excess of supply, to have prices much lower than the national average,” said Tyner.

According to GasBuddy.com, some gas stations in Lafayette were selling gas at $3.30 per gallon on Wednesday morning. By the afternoon, many prices jumped to $3.69.

“You know, gas is a necessary evil, right? So, if we want to go somewhere, we have to pay it. So, I’m not really crazy about it, but there’s not much I can do about it either,” said motorist Brian Green.

Tyner said he forecasts local gas prices to be around $3.70 this weekend. He said prices may be closer to $4.00 per gallon in Chicago.

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