The price of gasoline currently sits at $3.68 per gallon, according to AAA Fuel Gauge report, but is actually down a bit from Friday. At the end of the week, the average price for a gallon of regular unleaded gas sat at $3.681, but today it’s slightly receded to $3.678.
While it appears that the price has crested for the month, and the price will begin to ease back a bit as we head into the Fourth of July weekend (barring any unexpected geopolitical news), drivers are still going to be paying significantly more than they were last year at this time. A gallon of gas was $0.18 a gallon less expensive a year ago, making current gas prices the highest they have been at this time of the year since 2006.
It’s been an unexpected month, and gas prices have risen much more than expected in June. Gas prices traditionally fall in June, and that is what the prediction was for how June 2014 would unfold. That all changed when unrest in Iraq spooked traders into wondering if Iraq’s oil supplies were in peril. That shot oil prices up with the result of keeping gas prices from taking their normal June dip. Now that the Iraq oil supply fears have eased, it looks like prices are ready to begin easing a bit as they should have done earlier. Of course, there are still plenty of unknowns which could quickly change the course of gas prices, especially if increased unrest hits Iraq.
While those looking to take a road trip over the upcoming Fourth of July weekend are going to be paying far more than usual to fill their tanks, it seems that they aren’t going to have to pay more than they are today, and they will likely be able to pay a few cents less.
(Photo courtesy of Steven Damron)