AAA: Fourth Of July Gas Prices At 6-Year High

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(credit: CBS) Nina Moini
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MINNEAPOLIS (WCCO) — More than 40 million Americans are expected to travel somewhere this Fourth of July holiday weekend and if you’re going by car, expect it to cost you. Gas prices are at a six-year high for this time of year.

Gas prices usually go down at this time of year, but experts say the violence in Iraq right now has led to higher crude oil costs this summer.

According to the AAA, the national average for this time is $3.67 per gallon — about 20 cents more than it was last Fourth of July.

In Minnesota, the statewide average is a little lower at $3.60 a gallon.

As far as gas prices dropping, it doesn’t look like that will happen anytime soon.

Experts say crude oil supplies are tight worldwide and if the violence in Iraq or any other major oil exporters worsen, you can expect them to rise even more.

Just 4 percent of U.S. oil imports come from Iraq, but when costs rise, drivers definitely feel it.

Despite higher gas prices, AAA doesn’t expect too many people to cut back on travel this weekend.

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