Higher Gas Prices And Heavy Traffic Predicted For July 4 Weekend
BOSTON (CBS) - AAA predicts two records this week: the most July 4 holiday road trips in seven years and the highest July Fourth Holiday gas prices in six years.
The agency this week said 41 million Americans will hit the road this holiday. According to AAA Southern New England, more than eight out of ten will travel by car, and they will pay slightly higher gas prices. Massachusetts gas prices are up two cents from last week and 25 cents from last year.
"The fact that Iraq is the second largest oil-producing nation in OPEC really is contributing to what we call 'the risk factor' or 'the fear premium' that drives up the price of oil, and then of course prices at the pump," said AAA Southern New England spokeswoman Mary Maguire.
Just before Memorial day, financial analyst John Kilduff predicted gas could dip to $2.50 per gallon this summer. The average in Massachusetts for June 30th was $3.70.
MORE LOCAL NEWS FROM CBS BOSTON
