Thanksgiving Brings Record-Highs At The Gas Pumps [AUDIO]
If you're planning to travel by car this upcoming Thanksgiving weekend, you can expect to pay record-high gasoline prices.
Prices are expected to average between $3.00 and $3.25 per gallon in New Jersey according to Tom Kloza, Chief Analyst for the Oil Price Information Service.
"While prices are higher than they've ever been on a Thanksgiving weekend, they are actually moving lower relative to where we've been throughout the Fall," said Kloza. "Wholesale gasoline prices have really plunged in recent weeks."
"The problem is that's a pretty big bottom," said Kloza. "We usually get the cheapest prices of the year somewhere between Thanksgiving and Martin Luther King Day, so we'll see some price relief, but that sets it up for higher prices next Spring."
By March or April, we could see $3.99 a gallon in some areas. A continued uptick in the economy, seasonal demand and higher overseas consumption will add to the increase.
"Right now, the problem isn't necessarily gasoline, it's the seasonal products like heating oil, diesel and to some extent jet fuel" said Kloza. "Crude oil prices are the highest they've ever been this time a year, over $100 a barrel which means, you'll be paying much more if you use home heating oil or diesel fuel."