Ouch! Gas Prices Hit a 6-Year Seasonal High

Forget those forecasts about stable gas prices this summer. Violence in Iraq is driving the price up.

Prepare yourself: The price at the pump is going up.

The escalating conflict in Iraq is driving gas prices higher. The pump price averaged $3.67 per gallon in the U.S. on Wednesday, the highest it’s been on that date in six years, USA Today said.

“Despite hopes for a less expensive summer, it looks like Americans are stuck paying above-average gas prices,” AAA spokesman Michael Green said.

The price of oil, which accounts for at least two-thirds of the cost of gasoline, is climbing to near nine-month highs. Iraq trails only Saudi Arabia in oil production among OPEC nations, Bloomberg says. It produced 3.3 million barrels of crude in May.

According to Bloomberg:

The jump in crude, driven by concern that the crisis in Iraq will disrupt supplies, may boost pump prices by 10 cents a gallon at a time when they normally drop, according to forecasts, including one from the [Energy Information Administration].

“If things deteriorate even more, the spike could be even bigger than that,” Phil Flynn, a senior market analyst at Price Futures Group in Chicago, said by telephone. “If it weren’t for the situation in Iraq, gasoline would be coming down by now. This will probably keep it elevated all summer. It’s really disappointing.”

Gas prices are already over $4 per gallon in Alaska, California and Hawaii, Bloomberg said.

Do you have any summer road trips planned? Will a spike in gas prices spoil your vacation travel? Share your thoughts below or on our Facebook page.

Stacy Johnson

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  • grandmaguest

    I grew up when gas was $0.25/gallon but I have always driven high miles per gallon cars since my very first one. I never really paid too much attention until I spent some time in Europe back in the early 90’s. Wow…it makes our gas prices look cheap. But then again you don’t see people driving huge gas guzzler vehicles. And pickups are rare unless they are for a farmer or a business. Most of the cars over there served multiple purposes and whenever possible the families road bikes. We rode bikes for 30 minutes just to go to a restaurant. By comparison our gas prices are still very cheap….so I don’t feel so bad…we still have it better than most of the world! Stop complaining and start paying attention to how much non needed driving you do. Car pool when possible. Plan out your trips to shopping…..and by the way it’s not necessary to drive to the store every day. Once a week should be your goal. It’s certainly mine.

  • Hal

    Of course no one likes escalating gas prices, especially when the go up because of the “threat” of disruptions in Iraq. You and every other website seems to overlook the fact that Connecticut (at least Fairfield County) is right up there with the most expensive gas prices in the 48. Yes, today I saw prices as high as $4.37.9, with most everyone above $4.07.9. Our gas tax is among the highest in the nation, but prices here are kept higher still for more profit. Sad!

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