Gas prices steady ahead of long July 4th weekend

Retail gasoline price about 3 cents shy of 2014 peak.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |  July 3, 2014 at 9:38 AM
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WASHINGTON, July 3 (UPI) -- The average price for a gallon of regular unleaded gasoline is holding steady ahead of the July 4th holiday in the United States, motor club AAA shows Thursday.

AAA reports the average retail price for a gallon of regular unleaded gasoline at $3.66. The average price for Thursday is 2 tenths of one cent higher than the same time last month.

The price for this time of year is at a six-year high, however. The average price for a gallon of regular unleaded was $3.47 on July 3, 2013.

The U.S. Energy Department said that, while prices are higher than normal for this time of year, prices have yet to break the $3.71 peak national average set April 29.

"Although this is the highest average heading into the Fourth of July holiday since 2008, gasoline prices in 2014 have remained well below the spring peaks reached in each of the previous three years," it said.

AAA says most holiday travelers will cut back on dining and shopping expenses during the three-day weekend rather than stay home because of higher gas prices.

The motor club said 80 percent of the people choosing to travel during the holiday will do so by automobile, the highest level since 2007.

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