Lower Gas Prices Give Millions Another Reason To Be Thankful

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The national average price for a gallon of regular gas decreased by 2.2 cents per gallon last week to reach $2.58 according to industry analysts at GasBuddy. The drop marks the third consecutive week of falling pump prices.

Crude oil traded around $57.85 a barrel early Monday morning, up about 0.1% from Friday’s closing price. Over the past month, the price of West Texas Intermediate (WTI) crude for immediate delivery has risen by about $2.00 a barrel (about 3.6%). Most of the increase has come since the beginning of November.

GasBuddy’s head of petroleum analysis, Patrick DeHaan, commented, “Gas prices have continued to slowly decline over the last week as motorists gear up to hit the road to celebrate Thanksgiving Day, the busiest autumn holiday. With a 7% rise in travelers this year, the U.S. is poised to set another record for most Thanksgiving travelers ever.”

DeHaan also note some good news for Californians, “Motorists who shop around for the next fill up this week could potentially shave 20-50 cents per gallon off their expense by shopping around- be wary of crossing state lines, especially between California and Arizona or Nevada in the West, Illinois and Missouri or Iowa in the Midwest, Pennsylvania and Delaware or New Jersey in the East, and Florida and Alabama in the South. Some of these borders can cost or save motorists 25-95 cents per gallon, so pay attention- we recommend downloading a price-comparison app like GasBuddy to find easy savings that can be better spent on Black Friday deals!”

Monday crude prices have remained in check as traders and analysts try to make sense of the continuing discussions (and leaks about them) on the trajectory of oil prices.

Retail price movements were mixed last week with gas prices falling in more than half the states. The week’s median price for a gallon of regular gas was $2.44, up a penny week over week. The average price at the 10% of gas stations charging the most for gas was $3.71, down 14 cents a gallon, while the average at the 10% charging the least remained at $2.12. The most common price across the country was $2.29 a gallon, down 10 cents week over week.

The five states where drivers are paying the most for gas are California ($3.89), Hawaii ($3.82), Nevada ($3.44), Washington ($3.29), and Oregon ($3.20). Alaska is the only other state that currently reports a price of more than $3 a gallon.

The five states where gas is cheapest are Mississippi ($2.20), Louisiana ($2.21), Missouri ($2.23), Texas ($2.25), and Alabama ($2.26).

Compared to last month, the national average is down 2.4 cents per gallon and compared to last year, prices are up about 3 cents.