() New York – Gasoline prices at the pump are on the rise as the summer’s peak driving period begins with the national price for a gallon of regular gasoline now $2.76 per gallon, though those levels are more than 11 cents more per gallon than year ago levels, implying consumers are in for one hot summer at the pump.

While prices nationwide are far higher than at this time last year, energy pundits say there’s no need to panic as supply levels are high enough that in most states gasoline prices will remain below $3.00 per gallon.

AAA noted that the average price for a gallon or regular gasoline rose only 2 cents a gallon over week-ago levels and that a month ago, the national average price was only one-penny more.

Yet in watching the wholesale price for gasoline in New York, the commodity price ebbed slightly lower Monday in early afternoon RBOB trading to $2.14 per gallon for a loss of 2.4 cents, or 1.13%.

At the same time, crude oil futures have climbed to $78.32 per barrel, which is down 54 cents from this morning.

Despite supply levels, the 4th of July will mark the peak driving period for the summer when American families are expected to consume more fuel as they head out on the highway for vacation, though travel is not expected to rise to such a degree that gasoline supply levels will become scarce, prompting stations to raise prices abnormally.

Most of the nation’s higher prices can be found in Western states where the average price ranges from $2.85 to $3.50 per gallon.  The cheapest gasoline prices can be found in Texas and some Central States where gasoline prices range from $2.51 to $2.63 per gallon.

Still, fuel prices in general will remain sensitive to economic data and it might be wise for consumers to consider filling up their tanks in advance of the 4th of July period when prices at the pump will no doubt increase.

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