As Thanksgiving Travel Starts Up, Gas Prices Are Their Lowest Since 2020
After a spike in 2022, gasoline prices have been trending lower, according to the government.
Even adjusted for inflation, gas prices are lower than last year.
Thanksgiving road trippers are getting some relief on their travel budget this year: The cost of gasoline is the lowest it's been for the holiday week since 2020.
The US Energy Information Administration says gas prices averaged $3.04 nationwide on Nov. 25, the Monday before Thanksgiving. That's 7% lower than last year and the lowest price for that date since 2020, even adjusted for inflation.
The EIA is quick to point out that gas prices are influenced by a number of factors including local supply and demand, the season (summer is highest), and crude oil prices. Regionally, gas is typically most expensive on the west coast and least expensive in the Gulf Coast states, where it averaged $2.64 a gallon on Nov. 25.
In 2022, the average price of gas spiked above $5.
The price of gas is one consideration that may influence purchases of electric vehicles, but it's not always easy to tell how much you'll save given the cost of electricity. We did the math so you can compare those relative prices and see which type of vehicle comes out ahead.
