Gas prices are surging right before 115 million Americans set out on holiday road trips
Prices at the pump saw their biggest jump in four months and now average $3.097 a gallon, as oil prices have climbed.
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- US gas prices saw a 0.6% jump on Wednesday, the biggest one-day surge since August.
- The price gains come as 115 million Americans get ready for a busy holiday driving season.
- Crude oil prices have climbed amid attacks in the Red Sea.
US gas prices climbed 0.6% on Wednesday, marking their biggest one-day gain since August, according to American Automobile Association data.
An average gallon of gas costs $3.097. The price spike coincided with climbing crude oil prices, which are under pressure as tankers filled with crude face the risk of attacks in the Red Sea.
After climbing earlier in the day, West Texas Intermediate moved lower 0.38% to $73.66 around 2 p.m. in New York. Brent crude, the international benchmark, dipped 0.08% to $79.14 a barrel.
Gas prices have surged as AAA estimates 115 million Americans will to travel over Christmas and New Year's. It's the second highest year-end travel forecast since 2000, when the group began tracking holiday travel. Of that, roughly 103.6 million Americans are expected to travel by automobile, up 1.8% from a year ago.
December 23 and December 28 are poised to be the most congested travel days, transportation firm INRIX forecasts.
"Nationwide, drivers could see travel times up to 20% longer this holiday season," Bob Pishue, transportation analyst at INRIX, said in a statement. "In major metros, especially in Denver, Minneapolis, and Washington, DC, drivers could experience nearly double the typical delays. Avoid peak commuting hours and use traffic apps, local DOT notifications, and 511 services to minimize holiday travel traffic frustrations."