By November 26, 2018 0 Comments Read More →

U.S. Average Gasoline Prices this Thanksgiving are Higher than the Previous Three Years

Heading into the Thanksgiving holiday weekend, U.S. retail regular-grade gasoline averaged $2.61 per gallon (gal), up 4 cents/gal from the same time last year. This year marks the highest gasoline price for the Monday before the Thanksgiving holiday weekend since 2014.

The Thanksgiving holiday weekend is one of the heaviest travel times of the year. AAA forecasts 54.3 million people will be traveling 50 miles or more for the holiday this year, 2.5 million more travelers than last year and the most since 2005. Of the 54.3 million total travelers, AAA expects that 48.5 million of them will drive.

This year, retail gasoline prices have increased steadily from January through May, before steadying between $2.85 per gallon and $2.90 per gallon for June through October. Prices started the year at $2.52 per gallon on January 1 and peaked at $2.96 per gallon on May 28, based on weekly data collected in EIA’s Gasoline and Diesel Fuel Update. Recently, retail gasoline prices have fallen slightly, partly because of seasonal factors. Gasoline prices are often higher in summer months when gasoline demand is higher and when federal and state environmental regulations require the use of summer-grade gasoline, which is more expensive to manufacture

 

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