Gas prices continue upward march

Heading into the July 4 holiday area gas prices had plummeted so much that a few local stations were selling gas for less than $3 a gallon for regular.

Source: AAA

Since then, however, prices have shot up like Independence Day fireworks.

The average area price for a gallon of regular now stands at $3.51, according to AAA’s fuel finder.

That’s 4 cents higher than last week, 29 cents higher than last month and 14 cents higher than a year ago.

AAA’s Martha Meade said in a release this week that national gas prices have increased seven straight weeks and that July’s 17-cent spike was the biggest ever for that month.

Meade and industry analysts point to the usual suspects: gas refinery problems, international and domestic economic woes, Middle East unrest and concerns of a predicted heavy hurricane season.

And, according to analysts, prices probably will keep climbing.

GasBuddy analyst Patrick DeHaan said in his blog that the spike could be temporary, but …

“Historically, gasoline prices bottom out between Thanksgiving and Christmas,” he wrote, “so motorists can see a little light at the end of the tunnel–but for this week–the pain at the pump will worsen.”

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