Gas prices could hit lowest Thanksgiving level in years

The national average of gas prices could drop to the lowest level around Thanksgiving in years, according to new estimates. 

On Monday, AAA reported that the average national price of gas was about $3.31 per gallon — nearly a 10 percent decrease from last year’s average of $3.67 per gallon during the same period. The national average for gas prices has fallen or remained flat for about 60 consecutive days, according to a AAA press release last week. 

As of Monday, there are 11 states that have a below $3 a gallon average: Texas, Oklahoma, Arkansas, Missouri, Iowa, Louisiana, Mississippi, Tennessee, Alabama, Georgia and South Carolina. AAA cited a lower demand for gas coupled with lower oil prices as reason for the decline. 

“Drivers this Thanksgiving can expect cheaper gas prices,” Andrew Gross, AAA spokesperson, said in a statement last week.

A new analysis from Gasbuddy, an organization that tracks gas prices, predicted that an additional five states could see gas prices below $3 a gallon by Thanksgiving. The analysis also estimated that gas demand could continue to drop over the next one to two weeks, meaning that the U.S. could see “potentially the lowest gas prices since 2021 by Christmas.”

“As millions of Americans gear up to hit the road for Thanksgiving, the national average is seeing its longest streak of declines in over a year, reaching a ninth straight week as gas prices fall to their lowest since January,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “GasBuddy now counts over 65,000 stations with a price of $2.99 per gallon or lower, while 11 states are seeing average prices below $3.”

This news comes as this Thanksgiving is expected to possibly be the busiest travel season ever. The Transportation Security Administration (TSA) expected 30 million passengers to pass through airport security checkpoints between Nov. 17 and Nov. 28. 

In addition, AAA is expecting most of Thanksgiving travelers to get to their locations by car. It predicted that there could be about 49.1 million drivers on the road traveling to make it to their holiday plans.