Drivers feel the squeeze of higher gas prices at Thanksgiving
LOUISVILLE, Ky. (WAVE) - According to national estimates, 10 gallons of gas will cost you $12.50 more than it did last year at Thanksgiving.
New figures from the US Energy Information Administration (EIA) show prices jumping sharply after declining during the pandemic. The EIA determined prices at the pump have not been this high since 2012.
The higher prices coincide with predictions from AAA of 48 million people hitting the road this Thanksgiving.
Louisville drivers say the higher gas prices result in personal budget cuts elsewhere.
“I’m not traveling this year,” Frederick Williams said. “(Gas is) too high. I go out to North Carolina or something like that. Gas prices are just too high right now.”
“Well it cuts into food, a whole lot of stuff, my bills; it hurts me in a lot of ways,” Vaughn Gurvase said. “It gets really personal. It gets kind of rough trying to get gas. Just getting your normal everyday normal stuff you need for your household.”
Some relief may be on the way.
The gasoline price tracker GasBuddy predicts “the country could see drops of as much as 15-30¢/gal over the next few weeks.”
President Biden announced Wednesday the release of emergency oil reserves. The White House called the release of 50 million barrels from the Strategic Petroleum Reserve, the biggest in U.S. history.
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