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BALTIMORE, MD—As the July 4 holiday weekend creeps up, motorists should expect to see gas prices continue to inch up, with the average cost of filling up a gas tank expected to reach $3.45 per gallon by Monday, according to GasBuddy.
The national average price of gas has risen 5 cents in the past three weeks, climbing from $3.41 per gallon on June 29 to $3.45 per gallon on Monday, according to the latest data released by the travel and navigation app. While not a huge jump, it represents the third consecutive week of upward progress for the national average price of gas, which is down 6 cents from a month ago and 5.4 cents per gallon less than a year ago.
“However, with Hurricane Beryl now formed in the Caribbean, we’re reminded that gas prices could experience some jolts in the second half of the summer should a storm threaten refining capacity in Texas or Louisiana,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement.
De Haan noted that oil prices have also started to inch up in recent weeks, with the average price of WTI crude oil rising 57 cents to $82.11 per barrel on Monday, up from $80.93 per barrel last week. Brent oil prices also rose 66 cents to $85.66 per barrel, up more than $1 from last Monday.
The upward trend in gas prices reflects a number of factors, including rising global demand for fuel, supply disruptions due to the coronavirus pandemic and geopolitical conflicts, and higher refinery costs.
The higher cost of gas is expected to continue to weigh on consumer spending and economic growth in the coming months. However, De Haan noted that the national average price of gas is down 6 cents from a month ago and 5.4 cents per gallon less than a year ago, which suggests that motorists may be getting some relief from historic highs in the months to come.
See previous gas price reports here
In the Baltimore metro area, the cheapest gas this week could be found at the following locations:
Photo via Pixabay
This article was written with the assistance of AI and reviewed by a human editor.
