Tags: Gasoline | Record | Thanksgiving | Highs

USA Today: Gasoline May Hit Record Thanksgiving Highs

Friday, 18 Nov 2011 09:23 AM

Gasoline prices will likely hit record highs over the Thanksgiving holiday weekend.

Regular gas will average $3.37 a gallon next week — up 51 cents over Thanksgiving from last year, according to price tracker GasBuddy.com, USA Today reports.

The figure is also about 1 cent higher than 2007's previous Thanksgiving record of $3.08.

Still, oil price will rise and fall over the near term.
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"More drops are coming — maybe down to $3.25 — but as we know, prices go down slower than they go up,'' says GasBuddy petroleum analyst Patrick DeHaan.

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(Getty Images photo)
Other experts warn prices at the pump will spike again in 2012.

"By March or April, you could see Apocalypse II — $3.99 a gallon. Oil prices are usually on a roller coaster, and by then, they'll be on the up cycle, " says Tom Kloza, chief analyst for the Oil Price Information Service, USA Today adds.

Crude oil prices hit $100 a barrel in recent trading and are poised to climb even higher.

The U.S. economy is showing more and more signs of recovery, and a more robust economy will need more fuel to run.

"In a weird way, the run-up in oil is good news for the U.S.," Phil Flynn, senior market analyst for PFG Best in Chicago, tells CNNMoney.

"Our data in the U.S. continue to exceed expectations."

Don't expect oil prices to continue skyrocketing, Flynn adds, pointing out prices will peak somewhere around $104 a barrel before taking breather.

A stronger dollar, bolstered by a weakening euro, will prevent crude from rising too high.

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Gasoline prices will likely hit record highs over the Thanksgiving holiday weekend. Regular gas will average $3.37 a gallon next week up 51 cents over Thanksgiving from last year, according to price tracker GasBuddy.com, USA Today reports. The figure is also about 1...
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2011-23-18
Friday, 18 Nov 2011 09:23 AM
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