As Americans drive to barbecues and the beach in coming days, they will be paying more for gas than on any Independence Day weekend since the record highs of 2008, according to The Wall Street Journal.
A gallon of unleaded gasoline cost an average of $3.67 Wednesday, almost 20 cents above last year's price, according to automobile club AAA. In California, drivers have been paying well over $4 a gallon for weeks.
Prices at the pump are tracking a sharp rise in oil prices over the past month, after Islamist militants took control of several cities in Iraq. Investors and traders have worried that the spreading insurgency poses a threat to the country's oil production. Oil prices have given up some of their gains in recent days, but it will take some time for those declines to be reflected in the cost of gasoline, The Journal reports.
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