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IPFS News Link • Oil

Happy holidays! Motorists face cheapest Thanksgiving gas prices...


Motorists driving home for Thanksgiving are facing the cheapest holiday gas prices since 2020 - when the pandemic meant few people were on the roads.

Data tracked by the AAA shows the national average price of a gallon of regular unleaded gas has fallen to $3.29, down from $3.66 a year ago. The fall exceeds the typical seasonal drop in prices and puts the national average at a 10-month low.

And experts predict costs will keep declining in the coming days thanks to a steep selloff in the oil market. 

Comparison service GasBuddy projects the national average will slide to $3.25 a gallon by Thursday, down from $3.57 last year. 

But it remains above pump prices during Thanksgiving in 2020 when they were hovering at $2.12 a gallon. 

According to AAA predictions, just over 49 million Americans will drive to their Thanksgiving celebrations this year, up 1.7 percent from 2022.

Meanwhile GasBuddy projects motorists will spend $1.2 billion less on gas this week compared to last year. 

The cost of a gallon is currently cheapest in Texas where it is $2.76. It was followed by Mississippi, Georgia and Louisiana where prices are $2.78, $2.81 and $2.84 respectively.

By contrast the most expensive state to buy gas is California where a gallon will set residents back $4.96. It was followed by Hawaii, Washington and Nevada where prices are $4.73, $4.43 and $4.25.