Gas prices falling just in time for Christmas as millions prepare to hit the road
SACRAMENTO — AAA says 112 million travelers are projected to hit the road nationwide for Christmas. Most of them will be traveling by car, and lower gas prices have proven to be a timely gift — but it's a gift that may not last long.
Lower gas prices are giving many civilians the green light to hit the road this holiday.
"I think you have the ability to get in the car and drive around a little bit more, as before, you were planning your trips," one driver said.
Business owners like Juergen Bleecker say it comes at a much-needed time and puts money back in people's pockets.
"For the families, too, to go out and enjoy their meals they used to have before the pandemic and this crazy inflation," Bleecker said.
AAA says seasonal decreases in demand and falling oil demand globally are driving the decrease. Economic expert Dr. Sanjay Varshney said it was only a matter of time
"On the global market for oil, the prices have been gradually going down," he said.
According to Varshney, what's happening in China is also impacting gas prices here.
"China, which is a huge driver of demand for oil in the world market, has been under COVID lockdowns for the longest time. So that may change," he said.
Varshney agrees it's welcome relief at a time when retail sales are down. Just don't get used to it as he predicts prices will bounce back to higher levels come spring.