The national average gas prices could fall to the lowest level around Thanksgiving in years, according to new estimates.
On Monday, AAA reported that the national average price of gasoline was about $3.31 per gallon, down nearly 10 percent from last year’s average of $3.67 per gallon. gallon during the same period. The national average gas prices have declined or remained stable for about 60 consecutive days, according to a news release from AAA last week.
As of Monday, 11 states had an average below $3 per gallon: Texas, Oklahoma, Arkansas, Missouri, Iowa, Louisiana, Mississippi, Tennessee, Alabama, Georgia and South Carolina. AAA cited a drop in gas demand coupled with lower oil prices as the reason for the decline.
“Thanksgiving drivers can expect cheaper gas prices,” Andrew Gross, a spokesman for AAA, said in a statement last week.
A new analysis from Gasbuddy, an organization that tracks gas prices, predicts that five additional states could see gas prices below $3 per gallon by Thanksgiving. The analysis also estimates that gas demand could continue to decline over the next two weeks, meaning the United States could experience “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 streak of decline in more than a year, hitting a ninth straight week as gasoline prices fall to their lowest level since January,” said Patrick De Haan, head of oil analysis at GasBuddy. “GasBuddy now has more than 65,000 stations priced at $2.99 per gallon or less, while 11 states see average prices below $3.
This news comes as Thanksgiving is expected to be possibly the busiest travel season ever. The Transportation Security Administration (TSA) expects 30 million passengers to pass through airport security between November 17 and 28.
Additionally, AAA expects most Thanksgiving travelers to drive to their destinations. He predicts there could be around 49.1 million drivers on the road to get to their vacation plans.
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