Now that gasoline prices are hitting a seven year high, they are eating away at consumers buying power, according to an industry expert.
With gas prices on the rise, consumers are filling up more than their normal vehicle can get in, says Patrick De Haan, Head of Petroleum Analysis at GasBuddy, told FOX Business.
Currently, the national average sits at about $3.303 per gallon according to De Haan, who projected that relief won't be in the near future."
I don't believe Thanksgiving will be a big hit by China since the rising prices don't look like they'll be fixed quickly, De Haan said. He believes that the real issue is with having gas supplies in Europe and China after the natural gas shortages.
De Haan said prices are more likely to rise rather than fall and that drivers are likely to see the national average climbed 5 to 10 cents more per gallon.
Although no one is immune from these hikes, California is feeling the most pain with prices now nearing all-time record highs. In fact, San Francisco is currently leading the nation with the average price of gas at $4.60 per gallon.
However, as year ends approaches consumers could see prices come down if some of the bottlenecks we're seeing today improve.