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Thanksgiving Travel, Turkey More Expensive This Year
By Mr Ethanol | November 21, 2007
Earthtimes:
Americans will take a hit in their wallet as well as their waistlines this Thanksgiving holiday. The run up in oil prices over the past year is forcing fuel prices as well as food prices ever higher.
An analysis by John Urbanchuk, a director at the economic consulting firm LECG, LLC, released today estimates that Americans will fork over $520 million more this year than last year on their Thanksgiving travel. That means, based on the national gas price average of $3.11, an increase of 39 percent over 2006 just to drive over the river and through the woods to Grandma’s house.
That is $520 million that won’t be spent on Black Friday, the traditional kick-off to the holiday shopping season. More specifically, it will cost the average family an extra $17 for roundtrip travel for Thanksgiving dinner.
“Soaring oil prices are hitting average Americans where it hurts the most: the pocket book,” said Urbanchuk. “High oil and gasoline prices will cost Americans more than half a billion dollars in travel this Thanksgiving holiday. That is money that won’t be spent at Wal-Mart or online as the holiday shopping season begins in earnest.”
In addition to the high prices at the pump, Americans will also get pinched at the dinner table. The wholesale price of turkey, the staple of any Thanksgiving meal, is down four percent over last year. However, retail prices for turkeys in the grocery aisle are up 12 percent, a reflection of the impact soaring oil and fuel costs are having on food items across the board. In fact, a recent analysis by the American Farm Bureau Federation of the cost of the average Thanksgiving dinner for 10 this year showed an increase of 11 percent over 2006.
Topics: Negatives, News, Oil, Prices |
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