As tens of millions of Americans prepare to travel for Thanksgiving, gas prices have reached their lowest level in nearly four years. On Tuesday (November 25), the national average for a gallon of gas was $3.05, according to AAA. This marks a slight increase from last year but remains below the prices seen on Thanksgiving Day since 2020, when the pandemic led to reduced demand and lower prices.
Oklahoma boasts the lowest gas prices in the nation, with an average of $2.50 per gallon. In contrast, California drivers face the highest prices, averaging $4.60 per gallon. Twenty-eight states, including Colorado, New Hampshire, and Georgia, report average prices below $3 per gallon.
The decline in gas prices is largely due to a significant drop in crude oil prices, which have fallen about 17% since June. Patrick de Haan, head of petroleum analysis at GasBuddy, explained that the completion of refinery maintenance has increased fuel output, contributing to the price drop. “With refinery maintenance now wrapping up, that’s going to mean that refineries are able to ramp up oil into their plants,” de Haan told ABC News.
Despite the expected surge in demand during Thanksgiving week, overall demand remains low during this time of year, helping to keep prices down. As additional refineries complete maintenance and demand typically decreases during the winter months, gas prices may continue to fall. De Haan anticipates that prices could drop below $3 per gallon as Christmas approaches.
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