Gas Prices Over Thanksgiving Holiday Could Drop to 2020 Levels, Saving Drivers ‘Over Half a Billion Dollars’

Unrecognizable male putting fuel dispenser in tank while refueling vehicle on self service gas station.
Guillem de Balanzo / Getty Images/iStockphoto

No matter how dismal life can get at times, there are so many things to be grateful for on Thanksgiving. If gas demand and oil prices stay low, it should be a very happy Thanksgiving for those fueling up at the pumps.

Gas prices have been on a downward trend over the past year, with the national average now sitting at $3.295. That’s almost six cents less than a week ago and about 37 cents less than a year ago.

According to new Energy Information Administration (EIA) data, last week’s combination of gas demand’s drop from 9.49 to 8.95 million barrels a day (b/d) and oil prices dip by 1.5 million barrels (bbl) has pushed gasoline prices into their current sweet spot.

“Average gas prices have plummeted in all 50 states in the weeks ahead of Thanksgiving, with $2.99 prices spreading like wildfire just in time for the start of the holiday season,” said Patric de Haan, head of petroleum analysis at Gas Buddy. “Drivers will be saving over half a billion dollars from Wednesday through Sunday compared to what they spent last Thanksgiving with the national average at its lowest since January.”

“Drivers this Thanksgiving can expect cheaper gas prices,” AAA spokesperson Andrew Gross added. “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.” 

As of today, 12 states have regular gas under $3 a gallon.

Make Your Money Work for You

Insiders are predicting further declines in gas prices over the winter months, as refineries return to producing gasoline after maintenance turnarounds and Americans spend less time on the road. GasBuddy is predicting that Americans could end up saving nearly $1.2 billion in holiday travel this year. Even California, which has the highest gas prices in the country, has seen gas prices tumble nearly 50 cents over the past month.

The nation’s top 5 most expensive markets are California ($4.962), Hawaii ($4.731), Washington ($4.431), Nevada ($4.252) and Oregon ($4.105). Meanwhile the 10 least expensive states for gas are:

The Top 10 Least Expensive Gas Markets

10. South Carolina – $2.932

9. Tennessee – $2.922

8. Missouri – $2,908

7. Arkansas – $2.889

6. Alabama – $2.877

5. Oklahoma – $2.852

4. Louisiana – $2.846

3. Georgia – $2.814

2. Mississippi – $2.783

1. Texas – $2.769

More From GOBankingRates


See Today's Best
Banking Offers