Americans weighing the cost of gasoline against holiday travel plans may be persuaded to hit the road this Thanksgiving after a slight drop in prices and another possible drop in the coming days, AAA said.
Gas prices fell to $3.77 last week, three cents less than the week before. The main driver of the decline was more stable oil prices, which fluctuated “for several weeks in a narrow price range of $85 to $92 a barrel”. And prices could fall further, according to AAA, as the country prepares for Thanksgiving week.
“While the national average has barely dropped, there are now about 13 states with a number of gas stations selling gasoline for less than $3 a gallon,” said Andrew Gross, a spokesman for the AAA. “More gas stations could follow, which could be a big help when budgeting for road trips as Thanksgiving approaches.”
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Americans Brace For ‘Most Expensive’ Thanksgiving Gas Prices: GasBuddy
Motorists in the Great Lakes states saw the biggest drop last week, where prices fell 15 to 25 cents per gallon, according to GasBuddy. The decline was partly due to “an improvement in the refining situation”.
However, fluctuating oil prices could mean drivers pay significantly more this holiday season than they did last year. Gas prices are 36 cents higher than a year ago, according to GasBuddy.
“With oil prices remaining volatile, the outlook is bleak, but I’m hopeful that we’ll see prices fall in more states leading up to Thanksgiving, while others may be less fortunate,” said Patrick De Haan, chief of petroleum analysis at GasBuddy, said. “Either way, we will still see the most expensive Thanksgiving Day prices ever seen.”
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Gas prices are expected to rise, study says
Americans expect gas prices to rise 4.8% in the coming year, up from 0.5% in September, according to a recent survey by the Federal Reserve Bank of New York.
The consumer price index (CPI), a measure of inflation, rose 7.7% year on year in October, a slowdown from September’s 8.2% increase.
However, according to the latest report from the Bureau of Labor Statistics (BLS), gas prices — which had helped offset price increases in other sectors of the economy in previous months — rose 4.0% in October, after falling 4.9% the month before.
If you want to save amid high gas prices, consider switching auto insurance companies to find a lower rate. You can visit Credible to compare multiple car insurance policies at once and choose the best option for you.
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