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Gas Prices To Reach Multi-Year High During Holiday Season

Indiana’s gas prices have increased more than those in any other state since January first.

You’ll likely have to pay more if you’re traveling this holiday season because of rising gas prices across the country.

Patrick DeHaan is the head of petroleum analysis at GasBuddy. He says gas prices are already increasing, and will likely get higher as the holidays approach.

“Going into Thanksgiving travel, gas price is likely to be on average in the mid-$2 per gallon range,” DeHaan says.

DeHaan says gas prices are hitting annual highs, and even beating out prices from previous years. He says Indiana gas prices are on average about 65 cents higher per gallon than this time last year.

The increase is because the Organization of the Petrolium Exporting Countries, or OPEC, reached an agreement just after last Thanksgiving to cut oil production, DeHaan says.

“That has kind of permanently had an effect on the price of oil after that announcement,” DeHaan says. “And that has led oil prices to be much higher this year than where they were last year.”

DeHaan says the harsh hurricanes and tropical storms of this year have also resulted in the lowest gasoline inventories in three years, which could be contributing to the higher prices.

AAA reports that 50.9 million Americans will be traveling for Thanksgiving this year. That’s 1.6 million more than last year. The report says it’s the highest number of holiday travelers since 2005.

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