September 25, 2022

Gas Prices Going Up For The Holidays

old gas pump and nozzle

Gas prices are inching up as we close in on the holidays and the travel that comes with it for many Americans

For those looking to travel during the holidays, increased gas prices will have to be part of the travel budget this year. Gas prices are at the highest levels they have been since October 2008, and that does not make for a very Merry Christmas.

Gas prices are shooting up across the nation. Some even think that the national average will hit $3 a gallon by January, if not before Christmas.

According to AAA, the average cost of gas rose 2 cents in Oregon, but nationwide it has jumped 10 cents making this a 26 week high.

Marie Dodds, who is a spokeswoman for AAA of Oregon and Idaho, said that during past holiday seasons Americans have never paid this much for gas.

Many are worried about consumer spending at this time of year. With people paying more at the pump it will be no surprise that they will spend less on Christmas shopping, adversely affecting retailers and potentially even the economy as a whole.

John B. Townsend II, a AAA Mid-Atlantic spokesman made a valid point, “This could have a chilling effect upon consumer confidence. Let us not forget, the last time gas prices spiked like this, the recession kicked in. Research shows that consumer confidence has not completely rebound.”