Thanksgiving gas prices highest recorded but Americans still hitting the road
Prices have dropped significantly since hitting a record in June and will continue to fall, AAA says
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Gas prices over Thanksgiving 2022 are the highest ever recorded, according to AAA. However, that's not stopping Americans from traveling over the long holiday weekend.
The national average price for a regular gallon of gasoline is about $3.60, the highest figure for Thanksgiving since AAA has been tracking this data since 2000.
Last year, costs were still elevated, sitting around $3.40, according to AAA. Gas was also selling at that level in 2012. Historically, AAA data shows that the national average is more like $2.50 this time of year.
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Currently, prices are a still a dollar more than pre-pandemic times in 2019. However, the national average at the pump has dropped significantly since hitting an all-time record high of about $5 a gallon in early June, which was partly driven by less global refining capacity and sanctions brought on by Russia’s war on Ukraine.
Chevron gas station displays the price per gallon at over $7 in Los Angeles, Calif. on June 22, 2022. (Frederic J. Brown/AFP via Getty Images) / Getty Images)
Prices have already fallen almost 15 cents since last week and should keep declining because of lower demand and failing oil prices, AAA spokesperson Andy Gross told FOX Business.
The oil market has been reacting to the rise of coronavirus cases in China, which has already caused a slowdown in Chinese business activity.
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Regardless of the elevated pump prices, Americans have proven that they are still determined to hit the road for the holiday.
In fact, 20% more motorists plan to hit the road this year, according to a recent GasBuddy report.
This year, 38% of Americans plan to travel, according to GasBuddy data. Over 60% say they don't plan to travel with 20% of them blaming gas prices for the reason.
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Americans "are proving that while we’ll openly complain about high gas prices, most of us aren’t deterred from taking to the highways to observe Thanksgiving with those that matter most to us, especially as precautions from the pandemic have eased," Patrick De Haan, head of petroleum analysis at GasBuddy, said.