Traveling for Thanksgiving? Prepare for record-high gas prices, experts say
2022 has been a year of volatile gas prices. While prices have normalized and decreased over the past few months, Thanksgiving might bring renewed pain at the pump.
Average gas prices are expected to hit a record-breaking seasonal high this Thanksgiving, according to GasBuddy analysts who predict the Thanksgiving day average will clock in at $3.68. That’s about 30 cents higher than last year’s average, and it beats the previous record of $3.44 set 10 years ago.
“While we’ll openly complain about high gas prices, most of us aren’t deterred from taking to the highways to observe Thanksgiving with those that matter most to us, especially as precautions from the pandemic have eased,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
As of Thursday, Nov. 17, the national average price of gas stood at $3.725, according to AAA data. That’s down from last week and last month, but still higher than this time last year’s average of $3.413.
Here’s what to know if you’re preparing to travel next week.
Volatile gas prices
While Thanksgiving prices are expected to be high compared to previous years, they will still be lower than prices earlier this year and are even expected to be cheaper than current prices.
The national average reached its highest point on-record on June 14, when it hit $5.01, according to AAA. After that, the average held a 99-day declining streak before starting to edge up in September.
“It has been a dizzying year at the pump, with motorists likely feeling nauseous not from the eggnog, but from the roller coaster ride at the pump with record gasoline prices earlier this year, which have fallen significantly since mid-summer,” De Haan said.
This year’s Thanksgiving prices can be attributed to “less global refining capacity and sanctions brought on by Russia’s war on Ukraine” as well as increased demand as more people plan to travel than in recent years, GasBuddy said.
Rebounding travel
This year, 20% more Americans have plans to drive somewhere for Thanksgiving compared to last year, according to a GasBuddy survey.
However, some are still deterred by gas prices. Of the 62% of people who said they do not have plans to road trip for the holiday, 21% cited high fuel prices as a reason they’re avoiding driving.
Travelers who are hitting the road should prepare for traffic, too. GasBuddy’s survey indicates that Wednesday, Nov. 23 between 11 a.m. and 2 p.m. and Friday, Nov. 25 between 8 a.m. and 11 a.m. will be the busiest times to travel on the road.
Expert tips
To soften the blow of gas prices this holiday season, experts have offered drivers some tips.
- Take time to find the cheapest station: Instead of stopping at the first pump you see, try browsing to find the cheapest option. Different stations offer various prices.
- Drive slower and more carefully: Driving aggressively, for example, speeding, slamming on your brakes or accelerating rapidly, can cause excess fuel consumption. To avoid spending more, avoid these habits.
- Be aware of state lines: If you’re crossing state lines this holiday season, lookout for price changes and different taxes to avoid more costly stops for gas.
This story was originally published November 17, 2022 at 11:01 AM with the headline "Traveling for Thanksgiving? Prepare for record-high gas prices, experts say."
