Gas Prices Drop Ahead of Thanksgiving
As the Thanksgiving holiday approaches, gasoline prices are nearing their lowest point in four years, with the national average just above $3 per gallon.
According to AAA, the national average gas price was $3.055 on Tuesday, a slight decrease from around $3.077 the previous week.
ABC News mentioned that “gasoline prices have been lower than those on Thanksgiving Day in each of the past two years,” tracing back to 2020 when demand plummeted due to the pandemic.
Patrick de Haan, who leads petroleum analysis at GasBuddy, explained during an interview with ABC News Live that the decrease in prices is mainly linked to a significant drop in crude oil prices. The international benchmark for Brent crude has declined roughly 17% since June to approximately $63.40 per barrel.
In some states, including Georgia, South Carolina, North Carolina, Virginia, Indiana, Ohio, Minnesota, and Texas, prices are under $3 per gallon.
AAA also shared that “the low overall demand at this time of year is helping to keep pump prices down.” They indicated that the national average for 2025 is expected to remain fairly stable since oil prices are low and Gulf Coast refineries aren’t facing significant disruptions.
This is positive news for the millions of travelers expected this Thanksgiving, with around 73 million out of 82 million predicted to be traveling by car.
In stark contrast to the soaring prices during the Biden administration—when summer 2022 saw gas prices breaking records—this current situation reflects a significant shift. The highest recorded average during that time reached $5.016 per gallon on June 14, 2022, and five days later, diesel prices hit a record national average of $5.816 per gallon.
Breitbart News highlighted in October that gas prices have dipped below $3 for the first time in four years, which is seen as a major achievement for the Trump administration’s aim for affordability.
Patrick de Haan remarked at that time that “gas prices have finally fallen below $3 per gallon nationwide,” marking the first occurrence since 2020 when COVID-19 largely influenced low prices, bringing the national average down to $2.99.
