{"id":65428,"date":"2024-11-27T10:56:00","date_gmt":"2024-11-27T18:56:00","guid":{"rendered":"https:\/\/energi.media\/?p=65428"},"modified":"2024-11-27T10:56:00","modified_gmt":"2024-11-27T18:56:00","slug":"u-s-gasoline-prices-this-thanksgiving-are-at-their-lowest-since-2020","status":"publish","type":"post","link":"https:\/\/energi.media\/news\/u-s-gasoline-prices-this-thanksgiving-are-at-their-lowest-since-2020\/","title":{"rendered":"U.S. gasoline prices this Thanksgiving are at their lowest since 2020"},"content":{"rendered":"<p><em>This article was published by the <a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=63844\" target=\"_blank\" rel=\"noopener\">US Energy Information Administration<\/a> on Nov. 27, 2024.<\/em><\/p>\n<p><em><strong>By Alexander de Keyserling<\/strong><\/em><\/p>\n<p>On the Monday before Thanksgiving, the retail price of regular gasoline averaged $3.04 per gallon (gal) across the United States, 7% less than the same time last year. Retail gasoline prices this Thanksgiving are at their lowest since 2020, when the\u00a0<a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=46036\">COVID-19 pandemic disrupted gasoline demand<\/a>.<\/p>\n<p data-type=\"inbrief\"><img decoding=\"async\" src=\"https:\/\/www.eia.gov\/todayinenergy\/images\/2024.11.27\/main.svg\" alt=\"weekly average U.S. regular gasoline retail price\" \/><\/p>\n<div class=\"source\"><strong>Data source:\u00a0<\/strong>U.S. Energy Information Administration,\u00a0<a href=\"https:\/\/www.eia.gov\/petroleum\/gasdiesel\/\"><em>Gasoline and Diesel Fuel Update<\/em><\/a>; U.S. Bureau of Labor Statistics<\/div>\n<hr \/>\n<p>The\u00a0<a href=\"https:\/\/newsroom.aaa.com\/2024\/11\/nearly-80-million-americans-expected-to-travel-over-thanksgiving\/\">American Automotive Association<\/a>\u00a0(AAA) forecasts nearly 80 million people will travel 50 miles or more for the Thanksgiving holiday, a 2% increase compared with 2023.<\/p>\n<p>Typically, U.S. retail gasoline prices follow a\u00a0<a href=\"https:\/\/www.eia.gov\/energyexplained\/gasoline\/price-fluctuations.php\">seasonal trend<\/a>: prices rise in the spring and peak in late summer, when people drive more frequently, before declining in the winter. This year, lower crude oil prices and declining refining margins are supporting the historical trend and driving gasoline prices lower.<\/p>\n<p>The cost of crude oil is the\u00a0<a href=\"https:\/\/www.eia.gov\/energyexplained\/gasoline\/factors-affecting-gasoline-prices.php\">single-largest component of retail gasoline prices<\/a>; we estimate the crude oil price contributed 53% to the price of gasoline in September 2024. The average Brent crude oil price of $74 per barrel so far this November is about 10% lower than in November last year.\u00a0<a href=\"https:\/\/www.eia.gov\/outlooks\/steo\/archives\/nov24.pdf#page=6\">Weak growth in global oil demand<\/a>\u00a0has helped reduce crude oil prices, even with\u00a0<a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=61643\">relatively large production cuts by OPEC+<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=63446\">geopolitical tensions in the Middle East<\/a>.<\/p>\n<p>Refining margins, which\u00a0<a href=\"https:\/\/www.eia.gov\/energyexplained\/gasoline\/factors-affecting-gasoline-prices.php\">contribute 15% on average to the price of gasoline<\/a>, usually decrease in the fall when the\u00a0<a href=\"https:\/\/www.eia.gov\/energyexplained\/gasoline\/\">annual transition to winter-grade gasoline<\/a>\u00a0allows refiners to use less expensive components to produce gasoline. This year,\u00a0<a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=63447\">relatively weak demand for petroleum products and increases in global refining capacity<\/a>\u00a0are also contributing to lower refining costs and helping bring down gasoline prices.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.eia.gov\/todayinenergy\/images\/2024.11.27\/chart2.svg\" alt=\"U.S. average retail gasoline price composition\" \/><\/p>\n<div class=\"source\"><strong>Data source:\u00a0<\/strong>U.S. Energy Information Administration,\u00a0<a href=\"https:\/\/www.eia.gov\/petroleum\/gasdiesel\/\"><em>Gasoline and Diesel Fuel Update<\/em><\/a><\/div>\n<hr \/>\n<p>U.S. gasoline prices vary regionally, reflecting local supply and demand conditions, different fuel specifications required by state laws, and taxes. Regional gasoline prices are usually the highest on the West Coast because of the region\u2019s limited interconnections with other major refining centres, tight local supply and demand conditions, and requirements for gasoline specifications that are more costly to manufacture. West Coast retail prices on November 25 averaged $3.88\/gal, a decrease of 12% compared with the same time last year.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.eia.gov\/todayinenergy\/images\/2024.11.27\/chart3.svg\" alt=\"weekly U.S. regular gasoline retail prices by region\" \/><\/p>\n<div class=\"source\"><strong>Data source:\u00a0<\/strong>U.S. Energy Information Administration,\u00a0<a href=\"https:\/\/www.eia.gov\/petroleum\/gasdiesel\/\"><em>Gasoline and Diesel Fuel Update<\/em><\/a><\/div>\n<hr \/>\n<p>The Rocky Mountain region faces similar logistical constraints as the West Coast, although overall the region has both less supply and demand. Rocky Mountain retail gasoline prices averaged $2.83\/gal on November 25, down 12% from 2023.<\/p>\n<p>Gasoline prices are usually the lowest on the Gulf Coast, home to most U.S. refining capacity and where gasoline production exceeds consumption. On November 25, Gulf Coast retail gasoline prices averaged $2.64\/gal, down 5% from the same time last year.<\/p>\n<p>On the East Coast, which has the most gasoline demand of the five regions, retail gasoline prices averaged $3.01\/gal, down 5% from 2023.<\/p>\n<p>In the Midwest, prices averaged $2.87\/gal, a decrease of 8% from this time last year.<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>This article was published by the US Energy Information Administration on Nov. 27, 2024. By Alexander de Keyserling On the Monday before Thanksgiving, the retail price of regular gasoline averaged $3.04 per gallon (gal) across <a class=\"mh-excerpt-more\" href=\"https:\/\/energi.media\/news\/u-s-gasoline-prices-this-thanksgiving-are-at-their-lowest-since-2020\/\" title=\"U.S. gasoline prices this Thanksgiving are at their lowest since 2020\">[Read more]<\/a><\/p>\n<\/div>","protected":false},"author":6,"featured_media":65429,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[14,95,16,1837,549,796,598],"class_list":{"0":"post-65428","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-featured","9":"tag-fossil-fuels","10":"tag-oil-and-gas","11":"tag-thanksgiving","12":"tag-transportation","13":"tag-travel","14":"tag-us"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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