Approximately 42 million Americans are expected to take a road trip this Thanksgiving, and drivers should pay the lowest pump prices for the Thanksgiving holiday since 2008. Retail averages have fallen for 17 consecutive days, for a total savings of 15 cents per gallon, and the national average remains poised to fall below the $2 per gallon benchmark by the Christmas holiday. Already, more than half of U.S. stations are selling gas for less than $2 per gallon. Today’s national average price of $2.06 per gallon represents a savings of nine cents per gallon versus one week ago, and 14 cents per gallon on the month. Significant yearly savings persist, and pump prices are down 75 cents per gallon compared to this same date last year.
Midwestern refineries continue to come back online following both planned and unplanned maintenance work. According to the U.S. Energy Information Administration, production in the region reached its highest rate in nearly two months, which also has helped gas prices recover in the region following recent spikes due to unexpected outages. As a result of more supply entering the regional market, the largest weekly and monthly declines in prices at the pump are localized to this region, and drivers in Wisconsin, Michigan, Illinois and Indiana are benefitting from noticeable savings in the price of retail gasoline.
Demand for gasoline typically declines during the month of November, and barring any unexpected disruptions in supply, the national average is expected to move even lower leading into 2016.
More information is available from AAA’s Daily Gauge Report, located here.