UPDATE: Dropping gas prices, impact on holiday travel

UPDATE 10:45 P.M. NOV. 23, 2021

LEXINGTON, Ky. (WTVQ) – Wednesday is typically the busiest travel day ahead of Thanksgiving and people are already dealing with higher inflation and rising prices ahead of holiday travel.

According to AAA, prices at the pump are about 50% higher than a year ago. For those hitting the road for the Thanksgiving holiday, it all adds up.

“They’re not going to impact me too much, fortunately,” says one holiday traveler, Becky Johnson. “We’re lucky to be able to afford higher prices and we’re only traveling to northern Kentucky so we’re not going too far.”

“I know it stinks, you know prices like this, but unfortunately there isn’t a thing we can do about it so just be safe and get where you can and be with your family,” says William Tucker, another holiday traveler at the pumps.

With President Biden’s announcement Tuesday, he’s fulfilling a promise he’s made to Americans by pushing down oil prices, and therefore, prices at the pump. However, the relief may only be temporary. According to AAA, until global oil production ramps back up to pre-pandemic levels, the recent dip in crude prices may be short lived.

ORIGINAL STORY NOV. 23, 2021

WASHINGTON (AP) – President Joe Biden is ordering 50 million barrels of oil released from America’s strategic reserve to help bring down energy costs.

The White House says he’s acting in coordination with other major energy consuming nations, including China, India, and the United Kingdom. The action, announced Tuesday, is aimed at global energy markets, and also to help Americans who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel.

Gasoline prices are at about $3.40 a gallon, more than 50% higher than a year ago, according to the American Automobile Association. The Strategic Petroleum Reserve is an emergency stockpile to preserve access to oil in case of natural disasters, national security issues and other events.

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