As Thanksgiving approaches, holiday travelers are finding a reason to be grateful early for significantly lower gas prices.
In Robeson County, the average cost per gallon stood at $2.96, while Lumberton reported even lower gas prices of $2.79 per gallon on Tuesday, marking the lowest prices since December of the previous year
This trend isn’t exclusive to the region; national price watchers report a steady decline in the average gas price across the country. According to AAA, the national average has decreased six cents to $3.34 in just a week. This marks a 60-day streak of either falling or stagnant lower gas prices since the peak in 2023.
AAA spokesperson Andrew Gross assures Thanksgiving drivers of continued relief, stating, “Drivers this Thanksgiving can expect cheaper gas prices.” With ten states boasting averages below $3 per gallon and more likely to join, savvy drivers can anticipate savings on their way to festive gatherings.
The Energy Information Administration’s recent data indicates a decline in gas demand, contributing to lower gas prices alongside falling oil costs
If this trend persists, drivers can anticipate further drops in pump prices ahead of Thanksgiving, potentially reaching the lowest levels since 2021 by Christmas.
Meanwhile, oil prices, after a four-week slump, saw a rally, with West Texas Intermediate crude oil reaching $77.60 per barrel. Concerns about China’s economic weakness and declining U.S. gasoline consumption contribute to the volatility in oil markets. The upcoming OPEC+ meeting on November 26 may further influence short-term oil prices, with Saudi Arabia considering extending production cuts into 2024.
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