UPDATE 22:45 NOV. 23, 2021
LEXINGTON, Ky. (WTVQ) – Wednesday is usually the busiest travel day before Thanksgiving and people are already facing higher inflation and rising prices before holiday trips.
According to AAA, prices at the pump are about 50% higher than a year ago. For those who are on the road for the Thanksgiving holiday, it all adds up.
“Fortunately, they won’t affect me too much,” says one vacation traveler, Becky Johnson. “We’re lucky to be able to afford higher prices and we’re just traveling to northern Kentucky, so we’re not going too far.”
“I know it stinks, you know prices like this, but unfortunately we can’t do anything about it, so be safe and get where you can and be with your family,” says William Tucker, another bomber holiday traveler.
With President Biden’s announcement on Tuesday, he is fulfilling a promise he has made to Americans by lowering oil prices and therefore bomb prices. However, relief can only be temporary. According to AAA, until world oil production returns to pre-pandemic levels, the recent fall in crude oil prices may be short-lived.
ORIGINAL HISTORY NOV. 23, 2021
WASHINGTON (AP) – President Joe Biden is calling for 50 million barrels of oil released from the U.S. Strategic Reserve to help reduce energy costs.
The White House says it is acting in coordination with other major energy-consuming nations, such as China, India and the United Kingdom. The action, announced on Tuesday, is aimed at global energy markets and also to help Americans who are facing higher inflation and rising prices ahead of Thanksgiving trips and winter holidays .
Gasoline prices are about $ 3.40 a gallon, up 50% more than a year ago, according to the American Automobile Association. The Strategic Oil Reserve is an emergency reserve to preserve access to oil in the event of natural disasters, national security issues and other events.