U.S. gas prices are creeping higher this week, owing to an extended rally in global oil markets and a weaker dollar. But drivers are still set to pay some 15 cents less per gallon over the July Fourth holiday weekend than last year.
The Street reported that global crude prices have risen more than 30% so far this year, taking U.S. crude close to $60 a barrel earlier this week, as OPEC members, as well as allies such as Russia, extend their pact to reduce output by 1.2 million barrels a day and demand holds steady despite slowing economic growth. Those moves have helped lift U.S. gas prices by nearly 24% since the Christmas holiday, even as domestic production surged to a record 12 million barrels per day.
That said, the average price of a gallon of gas across the United States is sitting at around $2.75, down some 15 cents per gallon from the last year, giving the 41..4 million drivers hitting the road this weekend an extra $135 million to spend over the holiday period. The average price per gallon was $2.65 on June 23, however, and only $2.22 at the beginning of the year.
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