Gas price drop continues in time for the holidays

19 Nov 2015 | Author: | No comments yet »

Expect gas prices to keep falling through holidays.

It’s happened again. “It’s staggering to me how diesel can be higher now than regular gas prices,” the 41-year-old Ferndale resident said, as he pumped diesel at the Meijer gas station off 8 Mile in Detroit.The slight increase marks the seventh consecutive year of growth for Thanksgiving travel as the most Americans carve out time to visit family and friends since 2007.AAA also estimates that approximately 26,000 stranded motorists, including 7,000 in New Jersey, will call for roadside service during the holiday weekend. “I am figuring about $2.10 a gallon nationally for averages, and I see prices in the $1.50-to-$1.75-a-gallon for prices shoppers in states like OH and Indiana”. If you’re planning to hit the road this Thanksgiving, you should expect more drivers on the road. “Lower prices are helping boost disposable income, and enabling families to kick off the holiday season with a Thanksgiving getaway”, said AAA Tidewater Virginia spokesman Georjeane Blumling.

They have been falling every day for more than a week, and they are expected to come down even more, getting lower and lower through Christmas, according to the American Automobile Association, a nonprofit network of auto clubs that tracks gas prices. Gas prices are mostly based on oil prices, which have fallen by more than half since the summer of 2014 because of weak demand in Asia amid still-high production in the US and traditional oil-producers like Saudi Arabia. In Kenosha, a few stations are selling gas for $1.79 when purchased with cash, and one in Pleasant Prairie is also at $1.79 as of Wednesday afternoon. Today, the average price for gas nationwide — and in Michigan — is $2.13 a gallon, two cents lower than it was on Tuesday and 67 cents lower than it was last Thanksgiving, AAA said. “While some may expect price hikes,” said Gregg Laskoski, senior petroleum analyst for GasBuddy, “the broader view seems to hold that despite the horrific attacks and the outrage felt globally, the financial markets have shown increasing resilience in recent years and are rarely spooked when fundamentals and infrastructure are uncompromised.” Drivers are benefiting from savings in the price of retail gasoline, AAA said. Be warned as you take to the roads this holiday season, law enforcement agencies will be aggressively enforcing all traffic laws and paying special attention to seat belt use.

The auto club said 1.4 million other travels will take Thanksgiving trips by other travel modes like trains, buses and cruise ships, which is a 1.4 percent increase over 2014 levels. Despite the slight gain projected from last year, the figure is still 7.3% short of the 50.6 million high point reached in 2007, just before the Great Recession. Additionally, with the AAA Mobile app, travelers can also find more than 58,000 AAA Approved and Diamond Rated hotels and restaurants via TripTik Travel Planner. “Gas prices typically decline in November and December, and that trend should continue this year, unless oil prices rise unexpectedly”. AAA’s Leisure Travel Index predicts rates for AAA Three Diamond lodgings will increase $1 to an average of $155 per night and rates for AAA Two Diamond hotels will increase $4 to an average of $118 per night.

AAA said the anticipated travel for 2015 would be the highest number of Thanksgiving travelers since 2007 if the prediction is accurate. “Ninety percent of those traveling for the holiday will go by vehicle”.

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