WASHINGTON, D.C. (June 27, 2024)—The national average shook off nearly three weeks of stagnation, moving a nickel higher since last week to hit $3.50. The move came as the cost of oil crossed the $80 per barrel mark, putting upward pressure on pump prices. With oil costs accounting for about 54% of what you pay at the pump, more expensive oil usually leads to more expensive gas.
“Summer got off to a slow start last week with low gas demand,” said Andrew Gross, AAA spokesperson. “But with a record 60 million travelers forecast to hit the road for the July 4th holiday, that number could pop over the next ten days. But will oil stay above $80 a barrel, or will it sag again? Stay tuned.”
For the complete report, including the latest EIA data and oil market dynamics, please visit: https://gasprices.aaa.com/gas-prices-pop-ahead-of-independence-day-holiday/
Since July 4th falls on a Thursday, the gas report will return 7/11.