Gas prices have fallen ahead of Thanksgiving, according to AAA, giving holiday travelers an early present as they prepare to get in their cars and visit with family and friends over the long weekend.
On Monday, the national average price for a gallon of regular gas fell to $3.31 down from nearly $3.37 from a week ago, data from AAA showed, helped by falling global oil prices. Over the last month, crude oil prices were down more than 11 percent, according to Google Finance.
"Drivers this Thanksgiving can expect cheaper gas prices," Andrew Gross, AAA spokesperson, said in a statement last week. "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."
Why are gas prices dropping?
Millions of Americans are hitting the road to spend the holiday weekend with relatives. A gallon in California is close to $5 while in Texas, drivers are paying about $2.80 per gallon. But AAA is expecting price drops to continue as Thanksgiving approaches as demand for gas—which has also dropped—and the cost of oil declines.
Analysts are advising drivers to be strategic as they get on America's highways to their destinations.
Best time to travel for Thanksgiving
NRIX, a provider of transportation data and insights, expects Wednesday, suggested that November 22 will be the busiest day on the road and recommended travelers start their journeys early in the morning or later in the evening.
"The day before Thanksgiving is notoriously one of the most congested days on our roadways. Travelers should be prepared for long delays, especially in and around major metros," Bob Pishue, transportation analyst at INRIX, said in a statement. "Knowing when and where congestion will build can help minimize holiday traffic frustrations. We advise drivers to use traffic apps, local [department of transportation] notifications, and 511 services for real-time updates."
Travel, overall, is up more than 2 percent ahead of Thanksgiving, the highest forecast since the turn of the millennium, according to AAA Travel.
How do gas prices compare with air travel?
While gas prices may make it cheaper for Americans to travel to their destinations, flying within the U.S. promises to be expensive. Average ticket prices for November and December suggest that a domestic flight may set travelers back by about $680, 5 percent higher than in 2022, as airlines are still trying to balance between demand and their capacity. But Americans seem willing to absorb the cost of being with family members
"Speaking with the Thanksgiving holiday, from an air travel perspective, we are higher. We've already surpassed 2019 which was pre-pandemic," Paula Twidale, senior vice president of AAA Travel, told Newsweek last week. "You know, it's the highest since 2005 [and] it's 2.5 percent over 2019."
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
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Omar Mohammed is a Newsweek reporter based in the Greater Boston area. His focus is reporting on the Economy and ... Read more
