HomeNewsGas prices drop just in time for Thanksgiving travel

Gas prices drop just in time for Thanksgiving travel

U.S. fuel costs at the moment are at their lowest stage for the reason that February begin of Russia’s battle in Ukraine, which despatched costs hovering.

However at $3.61, it is nonetheless the best value ever recorded for the week of Thanksgiving by AAA. Blame inflation.

“The nationwide common has fallen sharply for the reason that June peak of almost $5.02,” mentioned Andrew Gross, AAA spokesperson, in a press release. “However this Thanksgiving might be about 20 cents greater than a yr in the past, and a greenback extra per gallon than a pre-pandemic 2019.”

“Nonetheless, we will be grateful that fuel costs are transferring in the fitting route for now,” Gross mentioned.

There stays vast geographic variability in fuel costs, with averages in southern U.S. states properly beneath the nationwide price. Notably, the worth of gasoline in Texas has damaged beneath $3 to a mean of $2.95, whereas costs within the Northeast stay elevated on account of import and provide constraints.

However rising provides general, and comparatively fewer drivers, have pulled pump costs downward, AAA mentioned. As demand stays subdued and gasoline shares develop, drivers will probably see pump costs dip by the Thanksgiving vacation, it mentioned.

AAA predicts 54.6 million folks will journey 50 miles or extra from house this Thanksgiving, a 1.5% enhance over 2021, although barely wanting pre-pandemic volumes. Whereas Thanksgiving highway journeys are up 0.4% from 2021, automobile journey stays 2.5% beneath 2019 ranges, AAA mentioned.

Nonetheless, this yr is projected to be the third-busiest for Thanksgiving journey since AAA began monitoring in 2000, the group mentioned.

“Whatever the mode of transportation you’ve got chosen, count on crowds throughout your journey and at your vacation spot,” Paula Twidale, AAA’s senior vp of journey, mentioned in a press release. “In case your schedule is versatile, contemplate off-peak journey occasions in the course of the vacation rush.”

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