Holiday Travel May Not Be Culprit For Increased Gas Prices
BOSTON (CBS) -- As if on cue, just as nearly 40 million people prepare to hit the road for Thanksgiving, AAA reports gas prices are up in Massachusetts. A gallon of regular is up 4 cents from last week, and 31 cents from last year.
But it may have less to do with all the traveling to Grandma's than you think. "There's projected higher demand for oil in some of the developing countries -- India, China projected to have greater growth over the next year and so that always factors into the price of a barrel of oil," says AAA spokesperson Mary Maguire.
WBZ-TV's Christina Hager reports.
She says it pays off to look for bargains, because there is a 30 cent difference between today's lowest price ($2.92) and highest price ($3.09). "If you buy your gas before you leave to a congested area where the prices are bound to be more expensive, then you're a smart shopper," says Maguire.
The good news: the price of crude oil has dropped.
Maguire says she expects that drop to trickle down to the gas pumps after Thanksgiving, and stay below $3.00 for the winter.
