The word on the street is that falling gas prices are ready to offer consumers some budget relief in time for the big Thanksgiving travel period. The graph of gas prices have gone up and down over the last year, but the two periods to pay attention to were early-April and early-September. It was during these months that gas prices were at their highest nationwide - an average of $3.92/gallon on April 7th and $3.88 on September 10th. Since then, pump prices have steadily dropped by over 40 cents a gallon, to the $3.43 price we now have.
Great news for Thanksgiving
Of course, gas prices aren't exactly the same everywhere you go. California is the most expensive state ($3.78) and Long Island ($4.19) the most expensive metro area, probably due to Hurricane Sandy. The Gulf Coast with all its refineries is the cheapest area of the country ($3.16) and Memphis the cheapest city ($3.09).
But no matter where you are, gas prices are falling. So we're all going to be paying less to travel in the next few days.
And this is a welcome blessing for the millions who are doing so. Thanksgiving is arguably the busiest travel time of the year, with over 43 million Americans travelling 50 miles or more from home over the holiday weekend. The vast majority of this travel is done by car. Expensive gas prices don't seem to have blunted our desire for travel and driving, since this is the fourth straight year we've seen a projected increase in the number of people travelling over Thanksgiving.
Thanksgiving Travel Tips
If you're getting ready to travel, you may know that we've done a few posts on tips to save gas. If you need a refresher before you head out on the road, check out one of our previous blogs on saving gas.
This post was published on November 21, 2012 and was updated on November 19, 2013.