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.
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
Comparison service GasBuddy projects the national average will slide to $3.25 a gallon by Thursday, down from $3.57 last year
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.
AAA spokesman Andrew Gross said in a statement: ‘Drivers this Thanksgiving can expect cheaper gas prices.
‘Ten states now have sub $3 a gallon averages, and more will join soon. So savvy drivers will find savings on their way to a turkey dinner this year.’
It comes after a volatile two years for gas prices which saw the cost of a gallon reach a record peak of $5.01 in June 2022.
Costs were pushed up following sanctions imposed on Russia after it invaded Ukraine. While the US relied little on Russian exports, the loss of Russian oil on global commodity markets sent prices spiraling.
Recent falls in prices are partly seasonal and partly due to lower wholesale oil prices.
Families of ten will this year pay $61.17 for their holiday meal – or less than $6.20 per person
The colder months also bring a less expensive winter-blend gas which is formulated to help engines run in the cold. The AAA says this switch alone takes off several cents per gallon.
The good news comes after a study found that the cost of Thanksgiving dinner has dropped by $3.
Families of ten will this year pay $61.17 for their holiday meal – or less than $6.20 per person.
This marks a 4.5 percent decrease from last year’s record-high average of $64.05, according to the American Farm Bureau Federation (AFBF) which provides annual surveys.
But the traditional dinner still costs 25% more than in did in 2019 – reflecting the impact of high supply costs and inflation on food prices since the pandemic hit.