Syrian tensions, Labor Day travel push gas prices
As tensions in Syria rise, gas prices are expected to rise as we head into a busy travel weekend.
The cost of crude oil is based on what's expected to happen. Wednesday, when there was talk of military action against Syria, crude oil prices shot up. So far, we haven't seen that hike reflected at the gas pump, but it may be coming.
We're approaching a holiday weekend, and this Labor Day, about four-percent more people will be on the road, and three-percent more will be flying to their destinations.
That increased travel alone usually sends gas prices up about 10-cents per gallon.
But when you add to that the impact on what's happening in Syria, and expectations are higher that we'll see a change.
"We're looking at crude oil prices that jumped $3.09 just yesterday on the futures market," said Greg Seiter of AAA Hoosier Motor Club. "It's trading at $109 per barrel, which is extremely high for the year. Unfortunately, that's having a direct impact on gasoline prices. And I think it's going to continue to impact gas."
Should there be any military action taken by any country, that will also have an adverse effect on crude oil prices, and trickle down to what you pay at the pump.
Keep in mind these are just predictions and speculation.
Most people will be leaving tomorrow, and coming back Monday.
So that's when the roads will be busiest.