American gas prices are expected to fall to rates not seen since 2020, just in time for the Thanksgiving holiday.
According to CNBC, as of Tuesday, over 65,000 gas stations across the nation are selling gas at $2.99 or less per gallon.
Patrick de Haan of GasBuddy noted, “Americans collectively going to spend about $1.2 billion less on gasoline from Monday through Sunday from last year.”
This is because domestic crude oil inventories rose, leading to an oil selloff in the wake of concerns that demand is lessening.
The national weekly demand fell to 8.9 million barrels per day by Nov. 10.
The week before, the demand was at 9.5 barrels.
In addition, U.S. crude production is up and domestic crude inventories have increased by 3.6 million barrels.
There is plenty of supply with less demand and so Thanksgiving travelers are projected to get a financial break as they hit the roads to head home for the holidays.
Over 55 million Americans are expected to travel this year, which is up from previous years, per Statista.
Gas is currently under $3 in Alabama, Arkansas, Georgia, Iowa, Louisiana, Mississippi, Missouri, Oklahoma, South Carolina, Tennessee and Texas.
Although the national average was $3.31 on Monday, that rate is expected to fall to at least $3.25, and likely lower in some areas.
Good news for Thanksgiving travelers – gas prices over the holiday are projected to be the lowest since February, at around $3.25/gal on average. Are you planning to travel? Comment below where you're headed! 🦃 https://t.co/CcMEFJfOVf pic.twitter.com/l57ki4WlMl
— GasBuddy (@GasBuddy) November 14, 2023
GasBuddy posted to X, noting that gas rates for Thanksgiving of 2020 dipped as low as $2.11 per gallon.