Before you hit the road this Thanksgiving, set aside a little extra money for gas.
Gasoline is up almost 50 cents more compared to prices from last year’s Thanksgiving.
Don’t get too down though, according to the AAA Fuel Gauge Report, regular gas is currently around $3.55 per gallon down from $3.46 per gallon last month. However, consumers may see the price increase a little as turkey day approaches because of the predicted rise in demand.
AAA says gasoline futures have gained as much as 2.6 percent during the busy four-day travel period that begins on Nov. 24.
“Gasoline is up based on the expectation that the Thanksgiving holiday will increase demand, which is a reversal of a trend we’ve seen over the last 12 months where gasoline demand has been falling,” said Andy Lipow, president of Lipow Oil Associates LLC, a Houston-based consulting company, reports Bloomberg Businessweek.
Gasoline in Missouri, South Carolina, New Mexico and Alabama is among the lowest priced. Consumers will pay $3.07 to $3.19 per gallon for unleaded gas, reports Fox Business.
The Wall Street Journal (WSJ) says Thanksgiving travel has began to recover since 2010 and it’s expected to continue even more this year. WSJ reports that AAA has estimated 90 percent of travelers will go by car.
It’s expected that 42.5 million people will travel 50 or more miles over the Thanksgiving holiday period that runs Wednesday through Thursday, according to WSJ.
Travelers are urged to leave early for their destinations if possible.
That’s all for now,
Cori
