Gas Prices Hit Record High as Holiday Travel Costs Surge

Holiday travel is getting more expensive this year due to rising airfare and gas prices. According to AAA, airline bookings to top destinations are up 2% compared to last year, but ticket prices are 20% higher than in the same period. This increase is attributed to higher jet fuel costs.

The price of crude oil has risen from $82 per barrel a week ago to around $92 per barrel now, affecting both gas and airfare prices. About 50% of the cost at the pump for fuel is directly related to crude oil prices. Virginians are paying an average of $3.95 for gas, up 96 cents from last year's Labor Day prices and setting a new record.

Hotel bookings are up 9%, while domestic tour bookings are up 12%. However, rental car bookings have decreased by 8% and cruise bookings by 4%. AAA recommends booking early to save money on travel costs.