Gas Prices: National Average At Lowest Level Of 2023 Ahead Of Thanksgiving Weekend
November 22, 2023
Prices of gasoline are at their lowest of the year and are heading towards Thanksgiving. The national average was $3.3o for a gallon, which was down by $0.25 in the previous month and $0.36 less from the previous year, as per the AAA data.
Drivers in the twelve states have now been seeing the averages of less than $3.00 for a gallon. Even the most expensive state, California, has registered an average price that is below the level of $5.00, at $4.96, which is down by $0.50 from the month before.
This steady decline has turned out to be a bonus for the Biden administration when consumers have witnessed the cost of food, shelter, and services go higher.
“The president wants — specifically as we go into Thanksgiving and then into Christmas and New Year’s and the holiday season — to give the American public and the American family a break. And that’s what we’re seeing right now,”
the senior energy advisor Amos Hochstein said to President Biden.
Hochstein had pointed out that the pump prices are at their lowest Thanksgiving level since 2020 and far under their all-time highs about a year and a half ago.
“It’s really not one region versus another, but the whole country is seeing lower prices,”
he further added.
The less costly winter blend, lower demand for the season, and a squeeze among the wholesale margins have all contributed to what the analyst had predicted would result in the dropping of prices “like wet feathers.”
The drop came up just in time for what is anticipated to be the third busiest travel period of Thanksgiving since AAA started keeping the records over two decades before.
However, $3 for a gallon remains to be a “pain point” for 40% of the drivers that the AAA surveyed, as per the organization’s senior manager in the Northeast region, Robert Sinclair.
“I’m not breaking out the champagne yet,”
Sinclair added.
“Demand is down 3% this year compared to last. Gasoline was more expensive last year but we’re buying less now. I think that’s a strong indicator with what’s happening in personal finance.”
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