Travel expert Lee Abbamonte explains in Fox Business Tonight how millions of Americans are driving this Thanksgiving.
According to the AAA, gas prices have started to rise steadily due to increasing fuel demand coupled with higher oil prices.
The national average for a gallon of regular gasoline was $3.44 on Tuesday, according to the Automobile Association, which noted drivers are taking advantage of milder weather across much of the country “by filling up and hitting the road.”
AAA spokesman Andrew Gross also noted that “with oil prices at $80 a barrel, there is strong upward pressure on gas prices right now.”
Gross said oil prices appear to be rising on positive global economic news.
AMERICANS SHOULD PREPARE FOR FURTHER RISING GAS PRICES, ANALYSTS WARN
istock collage (istock / iStock)
Prices are still much lower than last summer when they hit an all-time high of $5.02 a gallon on June 14th.
On Monday, President Joe Biden tweeted that gas prices are down $1.60 a gallon from their peak this summer, saying in part that “the government will continue to work to lower costs for American families.”
Still, prices are up 35 cents from a month ago and up 11 cents from a year ago, according to the latest figures from AAA.
FINANCIAL SECRETARY JANET YELLEN WARNS GAS PRICES COULD ‘SPIKE’ AGAIN THIS WINTER
In this photo illustration, a gas pump refuels a vehicle at a Chevron gas station on December 5, 2022 in Houston, Texas. Gas prices have fallen to $3 a gallon with global gas prices falling steadily since June. (Brandon Bell/Getty Images/Getty Images)
As of last month, prices had been falling steadily since June, save for a brief spike in September and early October.
The price at the pump started to rise again after moving around $3.06 on December 23rd. However, AAA still forecasts that gas prices will fall in late February due to a slack in demand ahead of spring break.
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Republican Louisiana Senator Bill Cassidy responds to Democrats accusing Republicans of raising gas prices for the American people on “The Big Money Show.”