Even as gas prices fell in all 50 states on Thursday, experts think they will still set a Thanksgiving Day record, as Americans gear up for what's typically the busiest holiday travel weekend of the year.
Analysts think gas prices will set a record on Thanksgiving.
The national average gas price fell to $3.725 on Thursday from $3.803 last week and $3.413 a month ago.
In the past week, a gallon of gas went down in Wisconsin, Michigan, Indiana, and Illinois.
The price of gas in California has dropped 8 cents from last week and 69 cents from a month ago.
According to data from the Energy Information Administration, gas demand has decreased over the past week to 8.74 million barrels a day.
Patrick De Haan of GasBuddy thinks Americans will see the most expensive Thanksgiving Day gas prices on record, despite the fact that demand is down.
Prices are expected to fall throughout the week.
As crude prices spiked following Russia's invasion of Ukraine, gas prices went up as well, hitting a 40-year high. The national average peaked at $5.02 on June 14th, setting an all-time record and becoming a central issue in the run up to the elections. Analysts say the market is still murky as oil prices remain volatile. Concerns about rising prices among White House officials were caused by a 2 million barrels per day cut in oil production by the Organization of the Petroleum Exporting Countries. The countries were accused of orchestrating a global economic slowdown and energy crunch. The Biden Administration plans to sell 14 million barrels of oil from the national strategic reserve. In March, 180 million barrels were opened for sale.
In Texas, a gallon of gas costs $3.06, followed by Georgia, Mississippi, and Arkansas. Motorists in California and Hawaii pay more for gas than anyone else in the country. State gas taxes are one of the reasons for the variation in price. Pennsylvania taxes 58.6 cents per gallon of gas, which is the second highest in the country.
Gas prices will fall for seven days as the White House considers selling emergency reserves.
Gas prices in the US are going to fall for 10 days in a row.
Gas prices are close to $3 a gallon in some places.
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