Gas prices jump just before July 4th holiday
A big change overnight in what you'll pay at the pump if you are among the more than 40-million Americans who'll be taking a road trip this holiday week. You may wish you filled up yesterday.
Fewer people are traveling this holiday week than this time last year. Most of those who are traveling will be going by car. Most will be leaving today, which is why we're seeing gas prices on the rise.
Remember those bargain prices we told you about yesterday? That Admiral station on the east side was selling at $2.98 for a gallon of regular. But the same station this morning had jumped to $3.49 per gallon.
That tends to be what we're seeing more of - as prices have increased substantially in many areas overnight. While we expect an increase going into a holiday, even those who monitor prices say a 50-cent hike is more than usual.
"When we look at a typical holiday travel period," said Greg Seiter of AAA Hoosier Motor Club, "we do anticipate gas prices are going to increase some, just because of the short dramatic increase in demand." Seiter said a typical holiday price hike is around 10-to-15 cents per gallon.
This is the busiest travel day of the 4th of July holiday period, and one third of those traveling will leave today. Demand has a lot to do with price increases.
Not all stations are selling for $3.49 a gallon, though. Our Pump Patrol has found gas as low as $3.08 on West Rockville Road this morning.