May 18, 2009 7:30 pm US/Eastern
Gas Prices To Jump For Holiday Driving Season
Good News: Cost Of Fuel Won't Approach $4/Gallon Prices Seen In 2008
NEW YORK (CBS) ―
It's not the pain at the pump we had a year ago, but it's certainly unpleasant for drivers.
Gasoline prices are being pumped up just in time for the summer driving season.
Higher gas prices are as much a part of Memorial Day as parades and cookouts.
"Everybody's going to be out, going to the beach," Mamaroneck resident Mike Bianco says. "They've got to gas up before they go."
"It's an annual situation," White Plains resident Mike Rozen says. "I guess it's about that time – Memorial Day is around the corner."
Indeed, gasoline typically spikes around this time of year in advance of the summer driving season, when demand reaches a peak.
But this year, it's a bad news/good news situation.
Triple A says a gallon of regular unleaded gasoline is averaging $2.49 right now, up $0.27 – almost a penny a day – in the last month.
However, this time last year, a gallon of regular averaged $4.06.
Gas prices up in the last month, but way down in the last year, will translate to more drivers on the road this holiday, according to Triple A.
The association predicts that traffic will be up almost two percent over last year, translating to a 500,000 more drivers on the road.
"At $2.49, it's still doable right now," Rozen says. "It goes up to $3.00 and higher, you'll see people cut back a lot."
"[It's] not bad compared to what it was," Billie Schmeling, of Mamaroneck, says. "I'm hoping it won't go back to what it was!"
Schmeling says her license plate – "2HIGH4ME" – refers to the big step up into her Hummer. She hopes it doesn't apply to gas prices later this year.
The demand for oil is down worldwide, so most experts doubt we'll see a gallon of gas cost $4.00 or more anytime soon.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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