Business, Sci-Tech

Gas prices fall ahead of Thanksgiving as oil markets turn bearish



NOTTINGHAM, MD—For the second straight week, the nation’s average gas price has declined, falling 11.9 cents from a week ago to $3.64 per gallon on Monday, according to GasBuddy data compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country.

The national average is down 16.4 cents from a month ago and 24.5 cents per gallon higher than a year ago. The national average price of diesel has fallen 6.7 cents in the last week and stands at $5.28 per gallon.

“What an incredible turnaround in the last week. While a decline was expected in more states than last week, I didn’t expect every single state to hop on the bandwagon so quickly. But, it’s terrific news as motorists prepare for Thanksgiving travel, with tens of thousands of stations under $3 per gallon, and thousands more to join in the next few weeks, barring a dramatic turnaround,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Everyone will be seeing relief at the pump this week, with even more substantial declines on the way as oil prices plummeted last week to briefly trade under $80 per barrel. It’s not impossible that if oil markets hold here, we could see a national average of $2.99 around Christmas, certainly the gift that every motorist is hoping for. Drivers shouldn’t be in a rush to fill up as prices will come down nearly coast-to-coast into the heavily traveled Thanksgiving holiday.”

The most common U.S. gas price encountered by motorists stood at $3.49 per gallon, up 10 cents from last week, followed by $3.39, $3.29, $3.99, and $3.19 rounding out the top five most common prices. The median U.S. gas price is $3.49 per gallon, down 10 cents from last week and about 15 cents lower than the national average. The top 10% of stations in the country average $5.06 per gallon, while the bottom 10% average $2.87 per gallon. The states with the lowest average prices: Texas ($2.93), Georgia ($3.07), and Mississippi ($3.08). The states with the highest average prices: California ($5.18), Hawaii ($5.14), and Nevada ($4.82).

See previous gas price reports here

In the NottinghamMD.com coverage area gas prices stayed almost exactly the same as last week.  The cheapest gas as of Monday could be found at the following locations:

$3.37 per gallon
BJ’s
4201 Wholesale Club Drive
Nottingham, MD 21236

$3.37 per gallon
7-Eleven
9410 Harford Road
Parkville, MD 21234

$3.39 per gallon
Costco
9919 Pulaski Highway
Middle River, MD 21220

Photo via Pixabay



 

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