Gasoline prices could reach their lowest level in years on Thanksgiving – The Hill

National average gas prices could fall to their lowest level in years around Thanksgiving, according to new estimates.

On Monday, AAA reported that the average national gasoline price was about $3.31 per gallon – nearly 10 percent less than last year’s average of $3.67 per gallon during the same period. According to a AAA press release last week, the national average gas price has declined or remained unchanged for approximately 60 consecutive days.

As of Monday, there are 11 states where the average price is below $3 per gallon: Texas, Oklahoma, Arkansas, Missouri, Iowa, Louisiana, Mississippi, Tennessee, Alabama, Georgia and South Carolina. AAA cited lower gas demand coupled with lower oil prices as the reason for the decline.

“Motorists can expect cheaper gas prices this Thanksgiving,” AAA spokesman Andrew Gross said in a statement last week.

A new analysis from Gasbuddy, an organization that tracks gas prices, predicted that another five states could see gasoline prices below $3 a gallon by Thanksgiving. The analysis also estimated that gas demand could fall further over the next week or two, meaning the U.S. could see “potentially the lowest gas prices since 2021 by Christmas.”

“As millions of Americans prepare to hit the road for Thanksgiving, the national average is experiencing its longest decline in over a year, reaching its ninth straight week as gasoline prices fall to their lowest level since January,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “GasBuddy now counts over 65,000 gas stations priced at $2.99 ​​per gallon or less, while 11 states have average prices below $3.”

This news comes as this Thanksgiving is expected to potentially be the busiest travel season ever. The Transportation Security Administration (TSA) expects 30 million passengers to pass through airport security checkpoints between November 17 and November 28.

Additionally, AAA expects most Thanksgiving travelers to access their locations by car. It was forecast that around 49.1 million motorists could be on the road to fulfill their holiday plans.

Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Posted

in

by