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Thanksgiving gas prices most expensive on record

Britain Earns BP
Posted at 11:48 AM, Nov 21, 2022
and last updated 2022-11-21 13:48:14-05

Despite gas prices falling in recent weeks, this will be the most expensive year to fill up a gas tank, AAA reports.

According to AAA, the average gallon of gas to start the week is $3.66, up 26 cents from a year ago. But gas prices have subsided from an all-time high of $5.02 in June.

“The national average has fallen sharply since the June peak of nearly $5.02,” said Andrew Gross, AAA spokesperson. “But this Thanksgiving will be about 20 cents higher than a year ago, and a dollar more per gallon than a pre-pandemic 2019. However, we can be thankful that gas prices are moving in the right direction for now.”

One thing that has helped in recent weeks is worldwide demand for crude oil has declined. AAA said crude oil costs have continued to decrease amid concerns that worldwide economic growth might stall.

According to its projections, AAA expects 48.7 million Americans to travel at least 50 miles during the Thanksgiving weekend, which is a slight increase from 48.5 million a year ago. Air travel and other modes of transportation are also expected to see more passengers. All told, 54.6 million Americans are expected to travel Thanksgiving weekend, an increase from 53.8 million in 2021.

This year’s data suggests travel numbers will still be down slightly compared to 2019 when 56 million Americans traveled for Thanksgiving weekend. 2019 was tied for the busiest year on record.