One reason for which drivers are grateful this Thanksgiving travel season is cheaper gas.

According to data from car club AAA, the national average price of petrol touched $3.27 per gallon on Thursday. The national average, according to statistics from gasoline tracking firm GasBuddy, was $3.24 per gallon on Thanksgiving Day, making it the least expensive for drivers since 2020, GasBuddy head of petroleum research Patrick De Haan said on social media on Thursday.

(Photo : by PATRICK T. FALLON/AFP via Getty Images)
According to data from car club AAA, the national average price of petrol touched $3.27 per gallon on Thursday.

According to AAA, the combination of declining oil prices and a decline in gasoline consumption has resulted in a sharp drop in petrol prices. According to De Haan, those elements may maintain a decline in petrol prices for the duration of the Christmas season.

Declining petrol costs coincide with the fact that, according to AAA's estimation, over 55 million people are anticipated to travel for Thanksgiving this year, making it the largest travel day in recent years.

Though this year's national Thanksgiving Day gas price is lower, AAA data shows that state-by-state variations in gas prices are substantial. According to the statistics, the average price of gasoline has dropped below $3 in 13 states, with Texas at $2.74, Mississippi at $2.77, and Georgia at $2.80.

Meanwhile, AAA reports that gas prices in Washington State, Oregon, and Nevada continue to exceed $4 per gallon.

Fuel costs are still higher than they were earlier in the year, De Haan noted on social media on Wednesday, even though they will hurt passengers' wallets less on Thanksgiving Day than in previous years.

According to GasBuddy statistics, between January and August 2023, petrol prices increased by as much as 60 cents, reaching a high of $3.80 per gallon. On the other hand, the data indicates that the national gas price has decreased rather steady since September.

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Recent Gas Prices in the US

The issue of gas prices often becomes a focal point in political and economic discussions. Higher gas prices can impact household budgets, especially for those with lower incomes, and can have broader economic implications as transportation costs increase for businesses.

Consumers closely monitor gas prices, particularly during periods of volatility, as they can impact daily commuting costs and overall expenses. Businesses, too, factor in transportation costs when pricing goods and services, which can have downstream effects on inflation and the overall cost of living.

Government authorities, at both the federal and state levels, often face public pressure to address rising gas prices. Discussions about energy policies, investments in renewable energy sources, and initiatives to enhance domestic oil production become part of the discourse as policymakers seek ways to mitigate the impact of high gas prices on consumers and the economy.

It's important to note that gas prices are subject to constant change due to the dynamic nature of the global energy landscape.

While short-term fluctuations are expected, long-term trends and policies will play a crucial role in shaping the future trajectory of gas prices in the United States.

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