Fuel Price to Rise

The fuel prices have been surprisingly constant through this past summer and into the fall. But it looks like that might be as a result of change.

As per the experts, it’s probably that pump prices could go up drastically up to 15 cents per gallon before the busy Thanksgiving travel weekend. All those who intend to go on an Interstate road-trip, which possibly means spending a few extra cash of gas money. And if the higher prices continue, it could put a clear dent in consumers’ already very weak family budgets.

The reason for increasing prices this time doesn’t have much to do with the spike in holiday weekend demand, and isn’t associated to refinery concerns. This time it’s the Federal Reserve’s decision to try to encourage the U.S. economy by purchasing $600 billion in government bonds.

As said by CNN, referring to Lundberg Survey publisher Trilby Lundberg, the Fed’s move will lower the dollar in oil trades and increase pump prices on petrol and diesel by up to 10-15 cents per gallon, with rises starting this next week.

In accordance with the U.S Energy Information Administration, the national average for a gallon of standard gasoline is about $2.81, whereas diesel runs about $3.07. Prices on the West Coast remained highest, at about $3.08 for gasoline, while Gulf Coast states averaged just $2.64.