Iraq volatility could affect gas prices

OAK PARK, Ill. (WLS) -- Gas prices: You may have noticed they're going up -- and just in time for the 4th of July weekend.

But how far will they go? AAA says the number of drivers on the road this holiday will be the highest in seven years. And that means a lot of spending at the pump.

According to gasbuddy.com: the national average for a gallon of regular gasoline is $3.68. Here in Chicago: it's $4.07. They're filling up while the price is right.

The price per gallon at one BP Amoco on Austin in west suburban Oak Park is just a few pennies higher than the Chicago metro area average for regular unleaded. But -- all that could change with the ongoing turmoil in Iraq.

Analysts predict gas prices HERE in the U.S. to surge to 5-dollars a gallon by summer.

Word of a possible surge in gas prices comes just a week before the busy Independence Day holiday. According to AAA, travel from Wednesday, July 2 to Sunday, July 6 will see 2.3 million people in Illinois. That is a 2.2 percent increase from 2013. Gas prices across Illinois on average are $3.92, down from $4.02 in 2013.

And while a possible hike may not affect most people's travel plans, it means more pain at the pump.