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Gas prices fall for ninth straight week, see longest drop in over a year ahead of Thanksgiving

BALTIMORE, MD—For the ninth consecutive week, the nation’s average price of gasoline has declined, falling 6.2 cents from a week ago to $3.27 per gallon this week according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country.

While gas prices still haven’t hit the lows they reached in 2020, the national average is down 25.9 cents from a month ago and 36.9 cents per gallon lower than a year ago. The national average price of diesel has fallen 6.9 cents in the last week and stands at $4.28 per gallon—$1.02 lower than one year ago.

“As millions of Americans gear up to hit the road for Thanksgiving, the national average is seeing its longest streak of declines in over a year, reaching a ninth straight week as gas prices fall to their lowest since January,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “GasBuddy now counts over 65,000 stations with a price of $2.99 per gallon or lower, while 11 states are seeing average prices below $3.”

“In addition, we could see five more states join the sub-$3 club by Thanksgiving,” De Haan added. “The fall in gas prices, largely seasonal due to weakening gasoline demand, could extend for another week or two, leading to potentially the lowest gas prices since 2021 by Christmas.”

The most common U.S. gas price encountered by motorists stood at $2.99 per gallon, unchanged from last week, followed by $3.09, $3.19, $2.89, and $3.29 rounding out the top five most common prices. The median U.S. gas price is $3.09 per gallon, down 10 cents from last week and about 18 cents lower than the national average. The top 10% of stations in the country average $4.74 per gallon, while the bottom 10% average $2.63 per gallon. The states with the lowest average prices: Mississippi ($2.75), Texas ($2.77), and Oklahoma ($2.79). The states with the highest average prices: California ($4.93), Hawaii ($4.67), and Washington ($4.37).

See previous gas price reports here

In the Baltimore metro area, the cheapest gas this week could be found at the following locations:

Lowest Baltimore Gas Prices 20231120

Photo via Pixabay

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