Thanksgiving Travelers In For A Treat: Lower Gas Prices Expected As Millions Hit The Road
Lower gas prices could save Americans almost $1.2 billion during holiday travel season
The millions of people planning to travel for Thanksgiving could get lower gas prices as an early holiday gift.
Some 41% of those polled in GasBuddy’s Thanksgiving Travel Survey reported they are planning a road trip for the national holiday, up 8% from 2022.
GasBuddy predicted the national average gas price is projected to drop to $3.25 per gallon, saving Americans almost $1.2 billion during holiday travel versus last year. The gas app reports gas prices have tumbled to their lowest since February.
“More Americans are planning on hitting the road for the Thanksgiving holiday this year, and it’s no wonder why,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “Average gas prices have plummeted in all 50 states in the weeks ahead of Thanksgiving, with $2.99 prices spreading like wildfire just in time for the start of the holiday season.”
North America’s largest motorist and leisure travel club, AAA, predicts 55.4 million travelers will head 50 miles or further from home over the holiday travel period. That prediction is 2.3% higher than last year and the third-highest Thanksgiving forecast since AAA began monitoring holiday travel in 2000. It says the top two years were 2005 and 2019, respectively.
“For many Americans, Thanksgiving and travel go hand in hand, and this holiday, we expect more people on the roads, skies, and seas compared to 2022,” stated Paula Twidale, senior vice president of AAA Travel. “Travel demand has been strong all year, and AAA’s Thanksgiving forecast reflects that continued desire to get away and spend time with loved ones.”
Other top results from the GasBuddy survey revealed 19% of those surveyed reported they chose not to travel this year as inflation made it hard to fit travel expenses into their budget. Most people are planning to travel on Thanksgiving Eve or Thanksgiving Day, leaving between 8-11 a.m. Some 92% of those travelling by car did the same last year.
GasBuddy advised shopping around for the best prices and looking for ways to optimize fuel efficiency. That could include avoiding habits like hard braking, fast acceleration, and speeding.