Gasoline Prices Hit Five-Year Low
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Gasoline prices across the nation continued to decline through the Thanksgiving holiday to its lowest level in five years.
The Energy Information Administration (EIA) reports that regular gasoline prices averaged $2.82 per gallon as of Nov. 24, which is 47 cents lower than a year ago, and the lowest price heading into a Thanksgiving holiday since 2009.
“Traditionally, the Thanksgiving holiday is one of the most traveled times of the year in the United States, and much of that travel is by car,” EIA stated.
AAA estimates that during this Thanksgiving holiday weekend (November 26-30), 41.3 million people in the United States will travel more than 50 miles from home by car. This level of travel, 4.3% higher than the same time last year, is the highest number of travelers by car for Thanksgiving in seven years and the third highest since AAA began publishing the data in 2000.
Gasoline prices across the country reflect differences in gasoline quality, taxes, and the characteristics of regional market supply and demand balances, EIA said.
“West Coast prices typically exceed the U.S. average because of stricter fuel specifications in California and the region's isolation from other domestic markets,” according to EIA.
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