Here’s a little something extra for consumers to be thankful for this year: the average price of a regular gallon of gasoline is forecast to fall to $1.99 in the U.S. by Thanksgiving Day. That’s nearly 80 cents a gallon less than last Thanksgiving and the lowest price for gasoline at any time of year since March of 2009.
Nearly 60% of all gas stations in the U.S. are now selling gasoline for less than $2 a gallon and statewide averages in 19 states is below that level as well. The data were reported Monday morning by GasBuddy.
Patrick DeHaan, senior analyst at GasBuddy, hints at even better news to come:
With gas prices plunging under $2 just in time for Thanksgiving Day, it’s a perfect reminder—some folks automatically expect gas prices to rise in advance of a major travel holiday, that’s become a popular misconception and this holiday exemplifies the point. November gas prices have slid significantly lower and holiday travelers will certainly be the beneficiaries. It’s a trend we expect will continue through the end of 2015, so if you like the prices you see on Thanksgiving, you’ll be delighted when Christmas arrives!
Lower gasoline prices are likely the reason for more holiday travelers this year and more travelers driving longer distances. More than half of Americans surveyed in GasBuddy’s Thanksgiving Travel Survey said they would be traveling at least one day in advance of the holiday itself, with a 5% year-over-year increase in those planning to leave 2 or 3 days before the holiday. The implication is that these folks will be driving longer distances—and consequently buying more gasoline.
GasBuddy recommends that drivers keep a few simple things in mind:
- The estimated two-thirds of travelers who will be crossing state lines should shop near state boundaries where there could be big savings due to different gasoline tax rates.
- Don’t stop at the first gas station you see—shop around because low prices also means more variations in prices among gas stations.
- Paying with cash instead of plastic can save up to 15 cents a gallon.
- Wait. With prices dropping like a stone, the longer you wait to buy gasoline the more you’ll save.
Happy Thanksgiving indeed!
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