TAMPA, Fla. — When 41.9 million Americans fill-up the car for a Thanksgiving road trip, they will pay the cheapest pump prices for the holiday since 2008. The average price of gasoline nationwide is $2.08, 72 cents lower than last year’s average of $2.80 on Thanksgiving Day.
“Motorists are saving around $11 for a full tank of gas compared to this time last year,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “That gives travelers more money to spend on lodging, shopping and dining out. For those on the fence about taking a trip, these low gas prices could be all the incentive one needs to hit the road.”
The national price of gasoline has declined for 16 consecutive days, for a total discount of 14 cents. Meanwhile, gas prices in the southeast steadily slipped one cent a day during the past week. Average prices are $2.11 in Florida, $2.01 in Georgia, and $1.91 in Tennessee. Last year, the average prices on Thanksgiving Day were $2.79 in Florida, $2.71 in Georgia, and $2.59 in Tennessee.
Historically, gasoline demand tends to decline during the month of November, and with the autumn refinery maintenance season nearing completion, pump prices are expected to move lower to close out the year, barring any unanticipated outages or supply disruptions.
Pump prices are also pushing lower because of the falling price of oil. Global oil supplies continue outpacing demand, keeping downward pressure on oil prices. Oil prices averaged $40.82 last week, the lowest weekly average since August. During the same week last year, a barrel of oil averaged $35 higher, and gasoline was 73 cents more expensive.
Gas prices are still adjusting to the recent drop in oil prices. The last time oil hovered around $40 a barrel for an extended period of time was in January 2009. During that month, gas prices averaged $1.79 nationwide, $1.83 in Florida, $1.68 in Georgia, and $1.66 in Tennessee.
Historically, pump prices fall an average of 16 cents from November thru December. If prices continue on their current rate of decline, gasoline could dip below $2 a gallon before Thanksgiving Day in Georgia, and during the first week of December in Florida.
