For Americans, traveling will be a bit cheaper during the Thanksgiving holiday, thanks to falling gas prices.
At most stations, gas price has been dropped to below the $2 per gallon, making it the lowest gas prices at Thanksgiving since 2008.
Gas prices are likely to decline through the end of the year, and main reason for this possibly is Midwest refineries, which are running up without any issue.
According to AAA, the average price of gas is $2.13 per gallon, down 65 cents from $2.80 on Thanksgiving last year.
A total of 46.9 million Americans will drive 50 miles or more from home during the Thanksgiving holiday, representing a 0.6% increase compared to 46.6 million people last year. This marks the seventh consecutive year of growth for Thanksgiving travel. Of 46.9 million travelers, nearly 42 million will take a holiday road trip, according to AAA.
“This Thanksgiving, more Americans will carve out time to visit friends and family since 2007,” said Marshall Doney, AAA president and CEO. “While many people remain cautious about the economy and their finances, many thankful Americans continue to put a premium on traveling to spend the holiday with loved ones.”
The Thanksgiving holiday travel period is defined as Wednesday, November 25 to Sunday, November 29.
Nationwide, drivers will enjoy significant yearly savings in the price of gas. AAA estimates that consumers will save nearly $265 million on gasoline every day compared to a year ago.
“One holiday gift has come early this year. Americans will likely pay the lowest Thanksgiving gas prices since 2008. Lower prices are helping boost disposable income, and enabling families to kick off the holiday season with a Thanksgiving getaway,” Doney added.
In addition, AAA said that airfares are projected to decrease 10% this Thanksgiving, landing at an average of $169 roundtrip across the top 40 domestic flight routes.