If gas demand and oil prices remain at lower levels, drivers can prepare for more price drops at the pump leading up to Thanksgiving.
The national average price of gas dipped to $3.34, a six-cent drop from the week prior, according to the latest report from AAA. Pump prices on average are 26 cents less than a month ago and 40 cents less than a year ago. Since reaching its peak in 2023, the national average has either fallen or remained flat for 60 straight days, AAA noted.
"Drivers this Thanksgiving can expect cheaper gas prices," AAA spokesperson Andrew Gross said. "Ten states now have sub $3 a gallon averages, and more will join soon. And there are thousands of individual stations below $2 per gallon. So savvy drivers will find savings on their way to a turkey dinner this year."
The West Texas Intermediate (WTI) – an oil price benchmark – decreased by $1.60 to $76.66 at the close of Wednesday's formal trading session. Gas demand fell from 9.49 to 8.95 million barrels per day last week, according to new data from the Energy Information Administration (EIA).
Oil prices declined as tensions over a potential escalation in the Middle East subsided.
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FLAT OCTOBER INFLATION LEAVES CONSUMER PRICES UNCHANGED
Since last week, these 10 states have seen the largest decreases in their average gas prices, according to AAA.
Fuel costs in ten states are below $3 a gallon. Here are the country’s top 10 most affordable markets.
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BUYERS PAID 46% MORE FOR MORTGAGES IN 2022, CFPB REPORT SAYS
Growing numbers of North American drivers are gearing up for Thanksgiving travel, according to GasBuddy’s annual Thanksgiving Travel Survey.
"Forty-one percent of respondents said they plan to take a road trip this year, an 8% increase from 2022," per the survey results. "Additionally, the national average price of gas is projected to drop to $3.25 per gallon, saving Americans nearly $1.2 billion during holiday travel compared to last year. Fewer respondents (36%) also said their plans were affected by high prices this year than last year, further demonstrating the relief at the pump."
Patrick De Hann, the head of petroleum analysis for GasBuddy, shared insights on how drivers are taking advantage of the lowest prices seen since last winter.
"Average gas prices have plummeted in all 50 states in the weeks ahead of Thanksgiving, with $2.99 prices spreading like wildfire just in time for the start of the holiday season," De Hann said. "Drivers will be saving over half a billion dollars from Wednesday through Sunday compared to what they spent last Thanksgiving with the national average at its lowest since January."
Nineteen percent of participants cited inflation as the primary factor for avoiding travel, while a significant portion of respondents (46%) noted gas prices as the main consideration when choosing a pitstop.
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