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Gas Prices Jump to 7-Year High

Gas prices have jumped to a 7-year high, now sitting at $3.13 per gallon as drivers hit the road for the July 4th holiday.

And these levels may become the norm for drivers all summer long, according to GasBuddy Head of Petroleum Analysis Patrick de Hann.

During an appearance on FOX Business’ “Cavuto: Coast to Coast” earlier this week, de Hann said that “it may be quite some time” before Americans see gas prices leveling off following the typical summer travel peak around the Fourth of July, with several factors at play that could delay the usual price decline after the driving season.

“Traditionally we see gas prices start declining in mid-to-late August as we start to see things [going] back to normal, kids going back to school, vacations basically ending,” de Hann said. “This year, though, I think the concern is that…the normal seasonal down-turning could be mitigated by the fact that offices are starting to see returns by fall and so commutes could start to increase.”

Keep reading at Fox Business.