American drivers may have an extra reason to celebrate this Thanksgiving, as gas prices are on track to fall below $3 per gallon nationwide, the lowest since May 2021. Current reports show the average price is $3.071 per gallon, down from $3.191 a month ago and $3.320 a year ago. The median gas price now stands at $2.95, with experts predicting a national average below $3 in the coming weeks.
Reports indicate that 28 U.S. states already have average gas prices below $3 per gallon. This drop is fueled by weaker seasonal demand and stabilizing oil prices, with U.S. crude production hitting an all-time high of 13.40 million barrels per day (mb/d) in August 2024, surpassing the previous record set in December 2023. West Texas Intermediate crude is currently trading near its lowest levels since September, adding downward pressure on gas prices.
The lower prices come as a relief for the 80 million Americans expected to travel during the Thanksgiving holiday period, according to travel forecasts. With gas prices declining for a fourth consecutive week, drivers nationwide are seeing some much-needed relief at the pump.
As holiday travel picks up, affordable fuel costs are set to make Thanksgiving brighter for millions of road-trippers.
