Higher Prices at the Pump for Holiday Travel

By Terry Green
Nov 8 2010

A statement issued this morning to the press shows that US consumers who are planning on traveling near Thanksgiving will likely see higher gas prices.

Like years past, prices at the pump are expected to be at least fifteen cents higher than other times during the year for the holiday traveling season.

While this is normally associated with problems at refineries or just an increase in demand, things are a bit different this time around.

The reason for the increased prices is linked to the Federal Reserve’s plan to buy $600 billion in bonds in an effort to spur the slumping economy.

The experts are also warning that the elections will take their toll on the price of gas in the coming months. With the republicans back in power it is more likely that we will see a massive increase in the price of fuel, according to some sources.

With the economy and taxes on their plate, Congress is likely to ignore the problems with fuel prices for their upcoming session. However, the industry has said that their lack of response to the problem will likely cause a jump in the price of crude as speculation on prices reach new highs.

For those traveling, interstate gas prices are going to be even higher this year. New reports show that prices could go up as much as fifty cents per gallon as Thanksgiving approaches and more people take to the highways and demand for fuel increases.