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RSS feed source: US Energy Information Administration
In-brief analysis
November 27, 2024
On the Monday before Thanksgiving, the retail price of regular gasoline averaged $3.04 per gallon (gal) across the United States, 7% less than the same time last year. Retail gasoline prices this Thanksgiving are at their lowest since 2020, when the COVID-19 pandemic disrupted gasoline demand.
The American Automotive Association (AAA) forecasts nearly 80 million people will travel 50 miles or more for the Thanksgiving holiday, a 2% increase compared with 2023.
Typically, U.S. retail gasoline prices follow a seasonal trend: prices rise in the spring and peak in late summer, when people drive more frequently, before declining in the winter. This year, lower crude oil prices and declining refining margins are supporting the historical trend and driving gasoline prices lower.
The cost of crude oil is the single-largest component of retail
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