Expect Pain At The Gas Pump This Holiday Weekend And Beyond
NORTH TEXAS (CBSDFW.COM) - A near record 41 million Americans plan to hit the road or take to the skies this Memorial Day Weekend. But the number of people traveling isn't the only thing on the rise… so is the price at the gas pump!
Prices for gasoline across North Texas are averaging from about $2.77 to $2.97 a gallon.
Whether or not the price near you falls in that range, there's no question gas prices have been on the rise for weeks. That means not only paying more for gas during the holiday weekend, but also having money spent for your daily work commute leave less cash for play.
"With my commute to work every day I drive 77 miles round trip," said motorist Charlene Blaylock who won't be vacationing this holiday weekend. "I'm using so much gas during the week, so no I can't."
Pam Morris is headed to West Texas but questions what it will cost to get there. "It makes me want to sell my truck because of the fuel prices. It's hard. It's hard to go anywhere when it's [gasoline] that high.
Gas prices haven't been this high since 2014 and the climb isn't over yet. "We've come out of the most significant oil downturn in a generation since the 1980s," said Bruce Bullock, director of the Maguire Energy Institute in Southern Methodist University's Cox School of Business. "Oil prices always overshoot on the underside, during the downturn, and during the recovery they overshoot on the over side and this cycle is likely to be no different."
Bullock anticipates prices peaking around the 4th of July. "I think it's possible that we will hit the high 2.80s, maybe $3.00 a gallon," he said.
For Blaylock that means any dreams of the beach won't become reality for another month or two. "I would like to go to Florida and drive, so gas is really going to be a big factor."
Because of the three-day weekend, experts say the Friday rush hour will be at peak congestion with people hitting the road after work. The best advice – if you can avoid filling up right now do so. Try putting off buying gasoline until next week because prices tend to be lower on weekdays than on the weekend.
