Prices at pump jump just in time for July 4

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FILE – In this Thursday, July 16, 2015, file photo, a customer re-fuels her car at a Costco in Robinson Township, Pa. The plunging price of oil in 2016 is dragging stock markets to their worst start to a year ever, even though low fuel prices are great for consumers and most companies. (AP Photo/Gene […]

BOSTON (GasBuddy) Millions of Americans will be hitting the road for Independence Day just as gasoline prices have risen for the first time in nearly two months, according to GasBuddy. While gas prices stand an average 15 cents lower than Memorial Day, oil prices have rebounded by $9 per barrel in recent weeks, leading the national average to begin rising again, reaching $2.75 per gallon on Independence Day.

“The stage was set for a nearly perfect holiday – gas prices hit their 7th straight weekly decline, oil prices had dropped as low as $51, every state had seen notable declines at the pump, it really couldn’t get a whole lot better as we approach July 4,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “But then Iran attacked two oil tankers and shot down a U.S. drone and markets panicked, sending oil prices higher and now we’re suddenly under the threat of rising gas prices again amid escalating tensions with Iran and talks with China on trade, leading to higher gas prices just as millions hit the road to celebrate the holiday.”

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