Gas prices over the Thanksgiving holiday could drop to 2020 levels, saving drivers ‘more than half a billion dollars’
No matter how depressing life is sometimes, there is this Many things to be grateful for On Thanksgiving. If gas demand and oil prices remain low, it should be a A very happy Thanksgiving For those who refuel at the pumps.
Gas prices have been on a downward trend over the past year, with the national average now standing at $3,295. That’s about six cents less than a week ago and about 37 cents less than a year ago.
According to new Energy Information Administration (EIA) data, the combination of last week’s drop in gas demand from 9.49 to 8.95 million barrels per day and a drop in oil prices of 1.5 million barrels (barrels) has pushed gasoline prices to their current levels. spot.
“Average gas prices have fallen in all 50 states in the weeks leading up to Thanksgiving, with $2.99 prices spreading like wildfire just in time for the start of the holiday season,” said Patrick De Haan, head of oil analysis at Gas Buddy. “Drivers will save more than half a billion dollars Wednesday through Sunday compared to what they spent last Thanksgiving with the national average reaching its lowest levels since January.”
“This Thanksgiving drivers can expect cheaper gasoline prices,” AAA spokesman Andrew Gross added. “Ten states now have an average of less than $3 per gallon, and more will join soon. So savvy drivers will find their savings on their way to a turkey dinner this year.
As of today, 12 states have regular gas for less than $3 a gallon.
Insiders expect further declines in gas prices during the winter months, as refineries return to gasoline production after maintenance and Americans spend less time on the road. GasBuddy predicts that Americans could end up saving nearly $1.2 billion on holiday travel this year. Even California, which has the highest gas prices in the country, saw gas prices drop by about 50 cents over the past month.
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The top 5 most expensive markets in the country are California ($4,962), Hawaii ($4,731), Washington ($4,431), Nevada ($4,252), and Oregon ($4,105). Meanwhile, the 10 countries with the lowest gas costs are:
Top 10 Markets for Lowest Cost Gas
10. South Carolina – $2,932
9. Tennessee – $2,922
8. Missouri – $2,908
7. Arkansas – $2,889
6. Alabama – $2,877
5. Oklahoma – $2,852
4. Louisiana – $2,846
3. Georgia – $2,814
2. Mississippi – $2,783
1. Texas – $2,769
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This article originally appeared on GOBankingRates.com: Gas prices over the Thanksgiving holiday could drop to 2020 levels, saving drivers ‘more than half a billion dollars’