Many reporters have been pushing the meme that:
Consumers will pay the highest Fourth of July gasoline prices in six years.
That’s true, though as the EIA noted today:
Although this is the highest average heading into the Fourth of July holiday since 2008, gasoline prices in 2014 have remained well below the spring peaks reached in each of the previous three years.
|New Jersey Historical Gas Price Charts Provided by GasBuddy.com|
Oil prices have actually moved lower over the last three weeks, meaning that as long as the situation in Iraq does not deteriorate further, U.S. retail gasoline prices are likely headed down, not up over the next few weeks.
But we wouldn’t want to let the facts get in the way of trying to make a story sound more interesting, would we?