Fourth of July gas prices expected to be the highest since 2014

BOSTON (CBS 58) – Drivers for July 4 will pay the most for gas since 2014. The average price of gas is expected to be $2.90. Back in 2014 the national average hit $3.66.

Gas prices nationally have been dropping for five straight weeks but are expected to increase for the holiday. Oil prices surged to $73 a barrel on Wednesday which is the highest since 2014.

The State Department ordered buyers to curb their oil purchases from Iran by November. In addition, OPEC’s smaller than expected oil production increase last week fueled speculation that global inventories will continue to drop, and a government report showed U.S. oil inventories dropped 3 times as much as expected as total petroleum exports from the U.S. hit a new record high.