Americans everywhere are feeling the pinch of high unemployment and a stagnant economy. Even the gainfully employed are having a tough go of things, as wages aren't keeping up with inflation.

ABC News took a look at holiday spending, showing how much the price of a turkey dinner has changed in only one year. The big dinner is expected to cost 13 percent more than it did a year ago, and the big bird will cost about $4 more than last year. Those costs are expected to rise in line with the hike in raw materials, but gas prices are to blame as well.

Follow the jump to watch the ABC News video. Gas prices are up on average 53 cents more per gallon than last year, and some experts claim a gallon of petrol could hit $4 per gallon in time for Valentine's Day. We can hardly wait.


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    • 1 Second Ago
  • 34 Comments
      buckfeverjohnson
      • 3 Years Ago
      Other analysts are saying gas prices might continue to fall due the financial crisis in Europe. The lesson here is to ignore projections.
        godwhomismike
        • 3 Years Ago
        @buckfeverjohnson
        Even if they fall, it wouldn't be enough to help. Oil jumped up $20 in about a month. It jumped up so quick, that the prices at the pump haven't had much of a chance to fully reflect the increase. It's going to be a painful holiday season to a lot of people, and in return, it's going to have some very adverse effects to the whole economy. Most industries rely on the fourth quarter for a lot of profits from holiday spending. Tax people with high gas prices during such an economically fragile time, and it will be just the push to thrust the US economy right back into another recession.
          stickshiftn69
          • 3 Years Ago
          @godwhomismike
          coming soon: OCCUPY THE GAS STATION lol
          godwhomismike
          • 3 Years Ago
          @godwhomismike
          @ EZEE - This has nothing to do with supply and demand, but it does have everything to do with investors looking for a safe investment haven while the European economy implodes. There are few places seen by investors as a safe place to invest in, but people will always need oil, so they are parking there until everything else settles down. What this does is drive the price of oil through the roof, and at this time, the effects of this next gas surge will reverberate for a long time after it end.
          EZEE
          • 3 Years Ago
          @godwhomismike
          Should we not then increase gas taxes? Careful, people will scream...
          stickshiftn69
          • 3 Years Ago
          @godwhomismike
          NO GAS TAXES !!!!!!! we pay enough for gas, fcuking greedy politicians
      aatbloke1967
      • 3 Years Ago
      If you live in a country where you pay less or the same for a gallon of fuel that you do for a gallon of milk, consider yourself lucky. Petroleum ultimately comes from a finite resource and Americans need to think more about their individual fuel consumption than their fuel prices. If you're complaining about paying $4/gallon and you're driving a leviathan truck achieving 20mpg or less, you've nobody to gripe at but yourself.
        sc0rch3d
        • 3 Years Ago
        @aatbloke1967
        agreed....americans (private individuals) need to learn to budget better. i know exactly how much gas would have to cost for me to have to start giving up basic needs. i make sure my gas need is well below that (either a cheaper/efficient car, living closer to work, carpooling, etc.).
      sumdenill
      • 3 Years Ago
      Higher gasoline prices haven't affected consumption at all. Personal consumption is by far at all time highs and despite oil being at $100 per barrel. Look at retail sales thing morning, blew away expectations. This idea that the consumer is dead has no basis in the data.
        godwhomismike
        • 3 Years Ago
        @sumdenill
        You need to remember that oil was bouncing around the $77-$85 mark for a few months. This surge to $100 happened in just 2-3 weeks. It was so rapid that the prices at the pump haven't had a chance to adjust up to the the $20 increase in oil. When the prices finally adjust themselves, it will be a price shock.
      johnb
      • 3 Years Ago
      If the envirowackjobs would let us drill for oil in the USA and offshore it wouldn't be quite as bad. But then they want everyone off the road, sitting in their govt. subsidized housing, eating govt. cheese and watching msnbc, so all's good for them! In fact, it's still far too cheap in their minds. Yippeeee!
        clquake
        • 3 Years Ago
        @johnb
        It would take 10 yrs for that to have any effect. Also, we would need more refineries.
          TruthHertz
          • 3 Years Ago
          @clquake
          WRONG! When Regan announced new drilling and refineries, the price of gas dropped in a matter of months due to commodities exchanges. These are the "evil" speculators that people speak of. As soon as the words left the presidents lips, people started selling their futures right then because the prices were high versus holding on to them when the supply would increase later on. Obama won't allow any more drilling or even a pipeline from Canada, so the market knows there is no danger of a supply increase. Couldn't be a more ideal condition for outrageous fuel prices. Thanks greenies! Your going to stifle the entire economy over irrelevant bullsh!t.
          • 3 Years Ago
          @clquake
          [blocked]
          Tiberius1701
          • 3 Years Ago
          @clquake
          Better than the Olbermann wing libtard spin...why don't you go join the 47% of non producers at your local Occupy-"fill in the blank". Sheesh.
      Vin
      • 3 Years Ago
      Gas prices in Europe are at like 8$ a Gallon? India gets 87 Octane at around 6$ a Gallon. We still get significantly cheaper fuel than the rest of the world. It is only going to go up.
        ngiotta
        • 3 Years Ago
        @Vin
        Yes, but we spend 100's of billions to topple governments to get our cheap oil, so we deserve to pay less at the pump. Oh, and we're right next to Canada, where we get the bulk of our oil.
        NissanGTR
        • 3 Years Ago
        @Vin
        And in Europe land, their currency is mostly Euros/Pounds and not dollars you simpletons keep using to exaggerate.
      Skicat
      • 3 Years Ago
      I stopped holiday spending 30 years ago after watching my brother's kids opening xmas gifts for over an hour. I refused to add to the piles of crap they got every year. No kids of my own to spoil and the grandparents give lavishly to the current crop, leaving me to save for retirement, go on vacation and take the families out for dinner on my visits. Couldn't be happier not participating in the annual national psychosis.
        stickshiftn69
        • 3 Years Ago
        @Skicat
        lol i thought this was a spam post until i got about halfway into the comment haha
      • 3 Years Ago
      [blocked]
      dave and mary
      • 3 Years Ago
      For every penny increase in a gallon of gas it takes 1B out of the economy.
        Tarantula
        • 3 Years Ago
        @dave and mary
        For every downrank of a weird comment, 1B dollars are added to the economy........(did you see what I did here??)...
        sumdenill
        • 3 Years Ago
        @dave and mary
        Do you really think money just disappears? Where does it go, Mars? Money doesn't leave the economy unless the Fed takes it out, it's a closed system.
        sumdenill
        • 3 Years Ago
        @dave and mary
        Lol
      XJ Yamaha
      • 3 Years Ago
      And tomorrow we could have some weather, followed by a setting sun....
      Frank Turner
      • 3 Years Ago
      And humans need to breath air to live. Thanks ABC for the news flash.
      tributetodrive
      • 3 Years Ago
      drill more oil.... its there why not use it..
        stickshiftn69
        • 3 Years Ago
        @tributetodrive
        of course, that makes sense, there is plenty of oil RIGHT HERE under USA soil, but the politicians are wayyy too stupid to actually make that happen, and we are slaves to the arabs for crude oil, and they get to play with our money and buy gold plated lambos and build 300 story buildings
      Dump
      • 3 Years Ago
      What's crazy is....as retail reports indicate that consumers are spending heavily for the year-end holidays, the price of oil increases forcing pump prices to steadily rise each night. Since the markets know consumers are going to want good holidays, they have their pointed reasons to raise pump prices.
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