Americans may be in line to see an increase in their travel costs this holiday season, as crude oil prices jumped nearly 10 percent over the month of October.
For families who find themselves in financial duress and unable to perform necessary travel duties for their jobs due to rising gas costs, a payday loan may be a realistic way to cover the additional costs.
Despite a 3.6 percent decrease on Friday, crude oil futures for December posted a 9 percent increase from September to October, leaving prices at $77 per barrel.
According AAA, prices at gas pumps continued to rise as well, increasing for 16 straight days to end the month of October, averaging 2.69-per-gallon, the Associated Press reported.
A primary reason for the increase was due to gradual improvements in the economy. The U.S. Commerce department recently revealed that the gross domestic product increased by 3.5 percent in Q3 2009.
“Any sort of encouragement with the economy is potentially bullish for oil,” said oil trader and analyst Stephen Schork.
If the price-per-barrel continues to rise, so will the prices at gas stations. According to the Hartford Courant, every $1 increase in barrel prices equates to a 2.4 cent-per-gallon price increase for consumers.
