Holiday perils at the pump
The gas pump is poised to be the Grinch that stole Christmas — with average prices rising toward $3 a gallon.
At $3 a gallon, the average price would make it the highest holiday price in US history, according to the government’s Oil Price Information Service.
Prices have shot up more than 10 percent in a week, sometimes as much as 5 percent overnight in parts of the metropolitan area, putting added pressure on consumers’ wallets during the peak spending season.
In New York City, the average is about $3.25.
“We’ll see $4-a-gallon gas early next year,” said energy analyst Peter Beutel of Cameron Hanover.
“A lot of Wall Street-engendered money is being poured into gasoline futures,” he said, adding that speculators have pushed up wholesale gas futures by 55 cents a gallon in the past three months.
Wholesale gasoline closed yesterday at $2.3417 a gallon.
The demand for gas also climbed during the Thanksgiving holiday, helping push up refinery prices. But the primary impetus can be traced to traders seeking a hedge against the declining dollar, analysts said.

