Gasoline prices are approaching their lowest level in four years as millions of Americans prepare for Thanksgiving travel, reports Baltimore Chronicle links to AAA. According to AAA data, the national average for a gallon of gas on Monday reached $3.07, slightly higher than the same time last year, though still lower than Thanksgiving prices observed in previous years since 2020.
Across the United States, twenty-eight states now report average gas prices below $3 per gallon, ranging from Colorado and New Hampshire to Georgia. Oklahoma currently has the lowest average price in the nation at $2.50 per gallon. AAA forecasts that nearly 82 million people will travel at least 50 miles from home during the Thanksgiving holiday.
Patrick De Haan, head of petroleum analysis at GasBuddy, explained to ABC News Live that the recent decline in gasoline prices is partly due to a significant drop in crude oil costs, the primary commodity used by refineries to produce fuel. Since June, the global benchmark for Brent crude oil has fallen approximately 17%, settling around $63.40 per barrel. The price reduction aligns with the completion of the refinery maintenance season, allowing facilities to increase fuel output that had been temporarily reduced for upkeep.
In addition, seasonal shifts in consumer behavior contribute to lower gas prices. After a busy summer travel period, overall gasoline demand has slowed, providing further downward pressure. AAA noted that although gasoline usage rises during the Thanksgiving week, demand typically remains lower in late autumn, helping maintain affordable prices.
However, gas prices differ widely by state. California maintains the highest average at $4.60 per gallon, while Oregon, Alaska, and two other states report averages above $3.50. Conversely, some gas stations in Texas and Oklahoma advertise prices approaching $2 per gallon. De Haan emphasized that crossing state lines often introduces significant price variation for motorists.
Looking ahead, gas prices may continue to fall. As more refineries complete maintenance and winter demand remains moderate, analysts anticipate further reductions. De Haan projected that by the time the Christmas holiday approaches, gasoline prices could drop below $3 per gallon nationwide.
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