Gas Prices on Thanksgiving Day Set to Hit Lowest Point Since 2020
In a welcome relief for consumers, gas prices are expected to be the lowest on Thanksgiving day since 2020. The national average for a gallon of regular gas currently stands at $3.31, marking a 25-cent decrease compared to a month ago. Moreover, it is 36 cents lower than the same period last year.
Experts predict that the average national price for a gallon of gas could plummet further to $3.25 by Thursday – a figure not seen since 2020 when the pandemic caused gas prices to plummet to $2.11. This drop is particularly noticeable in 11 Southern and Midwestern states where gas prices have dipped below $3 per gallon.
This declining trend in gas prices has remained consistent for nine consecutive weeks, making it the longest downward streak since the summer of 2022. To further enhance this good news, approximately 65,000 gas stations across the country are now selling gas at $2.99 per gallon or even less.
The positive outlook extends beyond these figures, as an additional five states may witness average prices below the $3 benchmark by Thanksgiving. As a result, Americans are expected to spend $1.2 billion less on gasoline this week compared to the same period last year.
There may be more reason to celebrate in the coming weeks, as gas prices could continue to descend, possibly dropping below the lowest point of last winter which was $3.05 per gallon. However, one factor that could impact this downward trajectory is OPEC’s decision on oil production cuts, which will be decided at their Nov. 26 meeting.
Despite the ongoing challenges in the economy, such as rising inflation, more than 55 million Americans are anticipated to travel for Thanksgiving. The drop in gas prices is attributed to a seasonal weakening of demand, combined with a recent decline in oil prices.
The decline in gas prices provides a much-needed piece of good news for consumers during a time when expenses seem to be rising on multiple fronts. With Thanksgiving travel plans solidifying, many Americans can now breathe easier, knowing that filling up their tanks will not break the bank.