Pump prices jump by five cents as the Fourth of July approaches

As the July 4th holiday approaches, gas prices jumped last week to $3.50, AAA reported in its weekly gas prices report. This is five cents higher than the week before, but nine cents less than last month and six cents less than a year ago.

Although demand ticked down last week from 9.38 million barrels per day to 8.96, the upcoming holiday is poised to drive demand up significantly. Oil prices also rose past $80 per barrel, a significant contributor to the price of gas around the country.