As you sit down to enjoy this year's feast, take a moment to reflect on those who work to provide the bounty.Despite saving on food, Americans should expect to spend a little more money this Thanksgiving as they travel over the river and through the woods, as gasoline prices are around a dime higher than last year.
Over the last two weeks, gas futures have rallied more than 20 cents per gallon, partially in response to a breakdown in nuclear talks with Iran. Traders expected lessened tensions and a potential release of 1 million barrels of Iranian crude onto the market, but a standoff between France and Iran seems to be stalling those plans. Gasoline's price increase has also been attributed to shutdowns at two major refineries.
On Friday, gasoline futures traded at a one-month high near $2.76.After-dinner drinks had big moves this week as well. Coffee prices continue to grind near seven-year lows due to ample harvests in Brazil, Colombia and Central America. Meanwhile, cocoa prices made a two-year high Friday as global demand continues to outpace production, which is lagging due to poor weather in Indonesia, Ghana, and the Ivory Coast, three of the world's largest cocoa-producing nations.
As of midday Friday, coffee was worth $1.07 per pound, while cocoa traded for $2,800 per metric ton.