By Jordan KingShareNewsweek is a Trust Project memberWith Thanksgiving just a day away, many Americans will be planning trips across the country to spend the holiday with family.
Indeed, roadside assistance firm AAA predicts record numbers, 81.8 million people, will travel at least 50 miles from home over the Thanksgiving holiday period (November 25 to December 1).
With the cost of living still coming up as a major concern for people, Newsweek has rounded up what gas prices are at the moment and compared them to this time last year.
The national average for the price of gas is $3.055 per gallon, as of Tuesday morning, according to AAA.
On Thanksgiving last year, the national average was not that different – $3.02 per gallon, according to GasBuddy.
“That increase is much less than inflation, so gas prices have fallen since last year adjusted for inflation,” Berkley economist Severin Borenstein explained.
He told Newsweek:”The national average at two points in time, however, does not reflect the changes in any specific city or the change throughout the year. Since one year ago, crude oil prices are down about $10 a barrel, which would normally translate to about $0.25 per gallon.
“Unfortunately, refining, marketing, and retailing margins have fully offset that, so gasoline prices have not fallen nearly as much as you would normally expect with such a large drop in the price of crude oil.”
Similarly, AAA spokesperson Aixa Diaz told Newsweek that “gas prices fluctuate depending on crude oil prices. And this year, we have seen relatively low crude oil prices, few global events that would disrupt the oil market, and no tropical storms or hurricanes affecting Gulf refineries.
“Also, seasonal gasoline blends affect prices as well. The winter blend is cheaper to produce, and that’s partly why gas prices go down in the fall and winter. Plus, gasoline demand goes down.”
...How Gas Prices Differ In Each State
Gas is most expensive in California ($4.592 per gallon), followed by Hawaii ($4.443 per gallon), Washington ($4.188), Oregon ($3.817) and Nevada ($3.780), according to AAA.
It is cheapest in Oklahoma ($2.498), Mississippi ($2.596), Louisiana ($2.621), Arkansas ($2.636), Colorado ($2.651) and Tennessee ($2.653).
These figures are for regular gas; they differ for mid-grade, premium, and diesel.
When Gas Prices Fell Below $3
Last month, gas prices fell below $3 a gallon for the first time since President Donald Trump returned to the White House in January, according to GasBuddy, a Dallas-based company that uses gas price information provided by users to track gas prices in real time.
On October 20, the national average for a gallon of regular gas on Monday morning was $2.986—down 2.1 cents from the day before, 3.5 cents from a week earlier, 20.5 cents from a month earlier and 16.5 cents from a year earlier.
Trump ran for the presidency in 2024 using the motto “drill, baby, drill,” promising to increase the nation’s energy production and lower gas prices, which rose above the $5 mark in 2022, during Joe Biden’s presidency.
Gas prices usually fall after summer, as Americans travel less and demand dwindles a little before peaking again during the holidays and producers switch to a different blend that is cheaper to process.
“Gas prices have remained relatively stable this year at levels slightly below where they have been over the last few years,” Matthew S. Lewis, professor, John E. Walker Department of Economics, told Newsweek.
“Gasoline prices are predominantly driven by world oil prices on which U.S. policy generally has relatively little effect. Economic and geopolitical events have impacted the fuel market throughout the year but have largely balanced out,” he said. “Currently, there seems to be a sense in the market that predictions of relatively slow oil demand growth will keep oil prices under control going forward, at least until the next unforeseen supply or demand shock.”
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