Nov 13, 2007 11:34 pm US/Eastern
Report: Gas Prices Expected To Jump 20 Cents
WASHINGTON (WBZ) ―
Many travelers looking to avoid the headache of air travel during the holidays have a new problem to deal with – gas prices. According to newspaper reports, gasoline prices could jump by as much as 20 cents in the next few weeks.
An official with the Energy Information Administration told USA Today gas prices could be on the rise to catch up with the recent surge in oil costs.
According to the paper, gas prices have jumped $20 a barrel over the past two months.
This price increase has severely affected the prices at the pump. Retail gasoline costs have increased about 30 cents a gallon in the same amount of time, according to USA Today. AAA reported on Monday the average price for a gallon of regular gasoline was up 88 cents to about $3.01 -- that's a 39 percent increase in the gas price from one year ago.
The suggested gas price increase comes on the heals of the airline industry's announcement of a projected 4 percent jump in passenger traffic over the Thanksgiving holiday.
Officials are urging travelers who plan on flying over the holiday to get to the airport extra early and expect longer-than-usual lines at security checkpoints.
Domestic carriers are expected to fly roughly 27 million passengers worldwide over 12 days beginning Nov. 16, with planes about 90 percent full, the Air Transport Association said Monday.
The industry anticipates an average of more than 2.5 million passengers a day on the Wednesday before Thanksgiving, and the Sunday and Monday after the holiday, according to ATA. Average daily passenger traffic this year is roughly 2.1 million, with load factors of about 80 percent.
(© 2007 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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