September 25, 2022

Gas Prices Shoot Up For The Holidays

gas prices

Gas prices are on the rise for the holiday season with expects predicting they will continue to rise through at least the first part of next year

We were warned about the rising gas prices for the holidays and even though it’s an unwelcome Christmas present, experts seem to be right. On Thursday the national average was $3.013 a gallon, according to information compiled by AAA.

For the first time since October of 2008, AAA says that gas prices have broke the $3 a gallon mark. They also say that prices will continue to rise and may get as high as $3.50 a gallon by spring.

Tom Kloza, who is the chief oil analyst with Oil Price Information Service, said, “On a national average, we’ve never had Christmas Day with gasoline at three dollars or higher.”

Gas prices rise as the price of crude oil rises, which has now passed the $90 a barrel mark as of Wednesday. This too is the first time since October 2008 oil prices have gone above $90 a barrel.

The rise in the price of crude oil came after the federal government reported a drop in crude oil supplies.

Still, with gas prices at the highest ever for the holidays, AAA doesn’t expect people to stop traveling. As a matter of fact, they are predicting more motorists on the road since 2008 and 2009.

With a 3.2% increase over last year, AAA estimates approximately 85.7 million people will travel by car this holiday season.