iStock/Thinkstock(NEW YORK) — Millions of Americans who plan on hitting the road for the Fourth of July holiday are in for a rude awakening when they fill up at the pump.
This year, gasoline prices are at their highest level since Independence Day in 2008, thanks in a large part to the unrest in Iraq.
Currently, the average price for a gallon of regular is $3.70, about 12 cents higher than at this point in 2013, according to Energy Department data.
Tom Kloza, chief oil analyst at GasBuddy.com, warns that if the violence in Iraq moves south to where the oil is, motorists could see the average price eclipse four bucks a gallon later this summer, although he’s optimistic that won’t happen.
In any case, the cost of gas is not scaring Americans from their Fourth of July plans with AAA projecting 41 million Americans traveling 50 miles or more between Wednesday and Sunday.
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