July Fourth weekend fires up highest gas prices since 2008

Saturday, Jun 28, 2014 1:28 PM

The run-up in gasoline prices will make the Fourth of July weekend the costliest for motorists since 2008.

Prices will average about $3.68 a gallon for regular grade, up 17 cents from last year but below the all-time $4.11 record set in 2008.

Rising crude oil prices have been driving an unseasonably early summer run-up on retail gas prices, mostly on continued fears of political unrest in Iraq. Benchmark West Texas crude oil, at $105.74 a barrel Friday, remains stubbornly close to nine-month highs. Brent crude, at $113.31 a barrel, has jumped more than 5 percent the past two weeks on fears that Iraqi oil exports will be slashed if violence spreads.

Price tracker gasbuddy.com estimates $50 billion has been bet on oil futures contracts traded on the New York Mercantile Exchange.

You might also like