Thanksgiving Travelers Enjoy Lower Gas Prices

Drivers taking on the Thanksgiving travel rush this year have one thing to be thankful for: Lower gas prices.

Nationally, the average price of gas hit $3.27 a gallon on Thursday, according to data from auto club AAA. Meanwhile, data at GasBuddy, a fuel tracking service, showed the national average at $3.24 a gallon, marking the cheapest Thanksgiving Day for drivers since 2020, GasBuddy head of petroleum analysis Patrick De Haan said Thursday on social media.

"As millions of Americans gear up to hit the road for Thanksgiving, the national average is seeing its longest streak of declines in over a year, reaching a ninth straight week as gas prices fall to their lowest since January," De Haan said Monday in a statement.

Gas prices have plunged due to a combination of weakening oil prices and flattening demand for gasoline, according to AAA. Those factors could sustain a drop off in gas prices through the rest of the holiday season, according to De Haan.

"The fall in gas prices, largely seasonal due to weakening gasoline demand, could extend for another week or two, leading to potentially the lowest gas prices since 2021 by Christmas," De Haan added.

Falling Gas Prices Expected for Thanksgiving Travel

As Thanksgiving approaches, more than 55 million people are preparing to hit the roads, making it the busiest turkey day travel rush in several years, according to estimates from AAA. Despite the high number of travelers, gas prices are expected to be lower this year compared to previous years.

AAA data reveals that fuel prices vary significantly from state to state. In 13 states, including Texas, Mississippi, and Georgia, gas prices have fallen below $3 a gallon on average. However, in states like Washington, Oregon, and Nevada, gas prices remain above $4 a gallon.

Gas Prices Fluctuate in 2023

While gas prices have decreased in recent months, they are still higher than they were earlier this year. GasBuddy data shows that prices rose by approximately 60 cents from January to August 2023, reaching a peak of $3.80 a gallon. However, prices have been steadily declining since September.