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Gas prices fall to lowest levels since February, more Americans to travel for Thanksgiving

BALTIMORE, MD—GasBuddy®, a leading fuel savings platform available to North American drivers, this week released the results of its annual Thanksgiving Travel Survey, revealing that more Americans plan to hit the road for the holiday.

Forty-one percent of respondents said they plan to take a road trip this year, an 8% increase from 2022. Additionally, the national average price of gas is projected to drop to $3.25 per gallon, saving Americans $573 million during holiday travel compared to last year. Fewer respondents (36%) also said their plans were affected by high prices this year than last year, further demonstrating the relief at the pump.

Key findings from GasBuddy’s 2023 Thanksgiving Travel Survey:

  • 19% of respondents said they chose not to travel this year because inflation made fitting travel into their budget difficult
  • Most (46%) ranked gas prices as the most important factor when choosing a pitstop, compared to convenience/location, which was most important last year
  • Over half of respondents (55%) said they will be using a cash back or loyalty program to save money on gas when they fill up
  • Most plan to begin their trip Wednesday, 11/22 or Thursday, 11/23, and leave between 8-11 a.m.
  • Of those choosing to take a road trip this year, almost all (92%) said they also traveled by car for Thanksgiving last year
  • 39% of Americans said they are more interested in owning an EV than last year
  • Of those more interested in owning an EV, 18- to 29-year-olds saw the most interest (44%)

“More Americans are planning on hitting the road for the Thanksgiving holiday this year, and it’s no wonder why,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “Average gas prices have plummeted in all 50 states in the weeks ahead of Thanksgiving, with $2.99 prices spreading like wildfire just in time for the start of the holiday season. Drivers will be saving over half a billion dollars from Wednesday through Sunday compared to what they spent last Thanksgiving with the national average at its lowest since January. However, with the big drop in price, motorists are not seeing all stations lower prices as quickly and should remember to check their phone for the lowest prices before filling up.”

Drivers this Thanksgiving will enjoy much-needed lower prices at the pump, but there are additional ways to save money on holiday travel. GasBuddy recommends shopping around for the best prices and finding ways to optimize fuel efficiency, such as avoiding habits like hard braking, fast acceleration, and speeding.

Photo via Pixabay

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