Thanksgiving is on the horizon and nothing brings more holiday cheer than affordable gas prices as people begin their travels to visit loved ones.
According to the American Automobile Association (AAA), the national average price for a gallon of regular fuel has either fallen or remained flat for 60 straight days. The trend is expected to continue as droves start to gas up their vehicles ahead of road trips for various festivities and traditions.
AAA estimates that 49.1 million Americans will travel to their Thanksgiving destination by car.
“Drivers this Thanksgiving can expect cheaper gas prices,” Andrew Gross, AAA spokesperson said. “Ten states now have sub $3 a gallon averages, and more will join soon. So savvy drivers will find savings on their way to a turkey dinner this year.”
According to new data from the Energy Information Administration (EIA), gas demand decreased from 9.49 to 8.95 million b/d last week. The EIA’s estimate for demand is unusually high for early November, but when the EIA releases monthly demand data in a few weeks, it could revise it lower.
Meanwhile, total domestic gasoline stocks decreased by 1.5 million bbl to 215.7 million bbl. Lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down. If gas demand and the cost of oil remain low, drivers can expect further pump price drops ahead of Thanksgiving.
AAA reports that the current national average of $3.30 is 26 cents less than a month ago and 40 cents less than a year ago.
In Mississippi, the statewide average for a gallon of regular fuel is $2.78 — 34 cents less than this time last year. According to GasBuddy, the cheapest gas in the Magnolia State can be found at Citgo on 25th Ave. in Gulfport at $2.39.
