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AAA: Summer Gas Prices Rise on Iraq Turmoil

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June 23, 2014 by   Leave a Comment

As turmoil continues in Iraq, U.S. consumers are paying above-average gasoline prices that hit a six-year high last week and are likely to remain up this summer, according to the AAA.

USA Today reported that while gasoline prices often peak in spring and drop in June, that’s not happening this year. In fact, the $3.67 average national price for a gallon of regular gasoline Wednesday is higher than it has been on that day since 2008 and is close to this year’s peak of $3.70, which occurred on April 28, reports AAA, a not-for-profit federation of 50 motor clubs.

“Despite hopes for a less expensive summer, it looks like Americans are stuck paying above-average gas prices,” says AAA spokesman Michael Green. In May, AAA predicted the national average might decline 10-15 cents per gallon this month, but, given the instability in Iraq, it no longer expects that.

Before Islamic Sunni militants took control last week of Iraq’s northern city of Mosul, Green says U.S. gas prices had declined 32 out of 44 days. Since then, they’ve steadily risen along with global oil prices, which account for at least two-thirds the cost of gasoline.

“If the situation (in Iraq) continues to get worse, American consumers can expect to pay more at the pump,” Green says. He says it’s possible summer prices could surpass the spring peak.

For the full story click here.

 

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