Nov 20, 2023 - Economy

Plummeting gas prices come in time for Thanksgiving

Illustration of a gas nozzle on the ground with a long tube.

Illustration: Aïda Amer/Axios

Here's something to be grateful for this Thanksgiving: Gas prices are steadily declining, per AAA.

Driving the news: The national average for a gallon of regular gas stood at about $3.31 Monday, which is about 25 cents less than a month ago and 36 cents less than a year ago, according to AAA data.

Zoom out: The relief couldn't come at a better time, with about 55.4 million people expected to travel between Wednesday and Sunday for the holiday —44.9 million of them by car.

The big picture: For the ninth week in a row, the nation's average price of gasoline has declined – and more relief at the pumps could be coming, according to GasBuddy.

  • "The fall in gas prices, largely seasonal due to weakening gasoline demand, could extend for another week or two, leading to potentially the lowest gas prices since 2021 by Christmas," said Patrick De Haan, head of petroleum analysis at GasBuddy, in a statement.

State of play: Lower gas demand and declining oil prices have contributed to declining prices at the pumps.

What they're saying: "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," Haan said.

Go deeper: Oil prices fall to four-month low as inflation slows

Go deeper