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By Jim Mackinnon
Beacon Journal business writer
Published on Thursday, Nov 27, 2008
Thanksgiving holiday drivers should have a little more money to spend on turkey, stuffing, cranberry sauce — and maybe even an extra dollop of whipped cream on the pumpkin pie.
Akron-area gasoline prices fell to an average of $1.69 a gallon on Tuesday, according to the latest pump-price information from AAA. That was a drop of 2 cents a gallon from Monday. The AAA information is based on prices paid via credit cards at pumps the day before.
Just last month, a gallon of regular was selling for an average of $2.45 a gallon. The highest average price in the Akron area was $4.05 a gallon on July 3, according to AAA.
But the drop in gasoline prices probably won't get travelers to pile on the miles this week. Thanksgiving drivers last year had even more reasons to keep holiday trips short — they were paying an average of $3.01 a gallon in Akron.
''The trend locally and nationally is a modest decline [in travel],'' said Kevin Thomas, vice president at the AAA Akron Auto Club. The national travel organization is estimating that the number of travelers will decline 1.4 percent this week compared to the same period last year, he said.
AAA said about 41 million Americans will travel 50 miles or more from home for Thanksgiving. That's a decrease of 600,000 travelers from last year. AAA said this will be the first decline in Thanksgiving holiday travel since 2002 and will be the fourth consecutive travel holiday this year with a year-to-year decline in travelers.
Economy big factor in decline
While gasoline is much cheaper than a year ago, the worsening economy is really what is driving the decision by many to curtail travel this holiday week, Thomas said.
It's likely that the rapid decline in prices hasn't been enough to get people to make different holiday plans to travel further, he said.
The Web site http://www.gasbuddy.com, which relies on drivers to e-mail in the pump prices that they see, reported gasoline prices Wednesday in the Greater Akron area ranged from $1.52 a gallon in Barberton, Wadsworth and Norton to a high of $1.99 at one station in West Akron.
The Ohio average for a gallon of gas was $1.68, according to AAA.
The U.S. average for a gallon of regular was $1.87.
Gas consumption projections
As for the future, the federal Energy Information Agency's latest thinking is that the worsening economy will mean gas consumption will continue to fall into 2009.
All petroleum consumption is expected to ''decline substantially'' in 2008, the EIA said in its latest short-term projection report dated Nov. 12. Gas consumption probably will fall by 3 percent this year compared to 2007.
The EIA said it expects gasoline prices will average $2.37 a gallon next year, a drop of nearly $1.20 a gallon from its previous short-term energy outlook report. Crude oil prices are projected to average $60 to $65 a barrel next year with a modest increase in global consumption, the agency estimates.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
Thanksgiving holiday drivers should have a little more money to spend on turkey, stuffing, cranberry sauce — and maybe even an extra dollop of whipped cream on the pumpkin pie.
Get the full article here.
Comments
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Posted 08:04 AM, 11/27/2008
Happy Turkey Day everyone. Isn't is amazing that we Americans banned together and stopped spending our money and put back in OUR pockets, and now the Gov. is panicing and lower the prices of gas so we have more money to spend at Walmart!! The power of the people. Just like the folks in Thialand airport. I think its Brilliant! We Americans need to start protesting again.
