Denver gas prices inched higher last week as many motorists prepared to travel for the Fourth of July holiday, but one expert said a hurricane in the Gulf of Mexico could threaten to send prices higher soon.

The average price for a gallon of gas in Denver on Monday sat at $3.25, 14.9 cents higher than a week ago, according to a GasBuddy survey of 844 stations across the city.

Patrick De Haan, head of petroleum analysis at GasBuddy, said the recent increase in Denver was due to another “price cycling” uptick — a practice in which stations compete on price, bringing it down to a point where they are at or below their wholesale cost, then jump the price up 20-to-40 cents per gallon overnight and the cycle starts over.

Colorado price hike due to reformulated gas unlikely, experts say

De Haan said the price increase in Denver was likely exacerbated by the cost of oil, which continued to rise, sitting at $83 per barrel Monday.

Relatively speaking, however, there were some silver linings. Gas in Denver was still 3.8 cents per gallon cheaper than a month ago, 47.2 cents cheaper than a year ago and 21 cents cheaper than the national average, which ticked up 5 cents week-over-week.

“As we approach July 4 later this week, motorists have seen the national average price of gasoline inch up ever so slightly for the third straight week,” De Haan said in a news release. “While the increases have been fairly tame, with oil continuing to hold above $80 per barrel, we could continue to see the national average climb slightly.”

AAA Colorado said it expects record numbers of Americans to venture out this Fourth of July holiday week, with 70.9 million expected to travel more than 50 miles from home. Of those, 60.6 million as expected to travel by car.

Predicted record-breaking July 4 holiday travel numbers a sign of economic strength, AAA says

De Haan said motorists should expect gas prices nationwide to be near where they were last July 4, but that could change quickly.

“With Hurricane Beryl now formed in the Caribbean, we’re reminded that gas prices could experience some jolts in the second half of the summer should a storm threaten refining capacity in Texas or Louisiana,” De Haan said.