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92M to travel despite record gas prices

December 23, 2010 12:00:00 AM PST
Millions of people are hitting the roads this holiday weekend and everyone pulling up to the pump will find gas prices at their highest level in years.The Auto Club of Southern California said these are the highest Christmas-time gas prices ever.

Prices normally go down during the holiday season, but this year the average nationwide price of regular gas is $3.01. That's the first time prices have topped $3 per gallon on Christmas.

Analysts said the increases are due to the rise in crude oil prices, which rose to more than $90 per barrel.

"It's very much a world-demand phenomenon," said oil expert John Kingston. "Demand worldwide is growing at a healthy pace."

Despite the high prices, people are still hitting the road.

AAA estimates that 92 million people will travel 50 miles or more from home over the holidays.