US retail gasoline prices hit Thanksgiving record

26 November 2012 16:06  [Source: ICIS news]

HOUSTON (ICIS)--The national average price of retail gasoline reached a record high during the US Thanksgiving holiday, an analyst said on Monday.

Retail gasoline had an average price of $3.43/gal on Thanksgiving Day, which was on 22 November. According to analyst Patrick DeHaan, this was the most expensive Thanksgiving retail price ever seen.

“The record set on Thanksgiving may also be a harbinger of what's to come in 2013,” DeHaan said.

Despite some stalling in the national average price versus one week ago, DeHaan doubts the prices drop will be significant through the end of 2012.

“From here on out, we tend to see the market digest turkey, or rather news from turkey day weekend shopping figures, and many times that can point to improvements in the economy (via personal spending) which certainly can cause price drops to fizzle,” he said.

According to DeHaan, the national average retail gasoline price will range from $3.30-3.55/gal through 2012, but other factors, such as tensions in the Middle East, could push prices higher.

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By: Anna Matherne

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