Drivers gearing up for the Thanksgiving travel rush have been greeted with a pleasant surprise: lower gas prices. According to data from auto club AAA and fuel tracking service GasBuddy, the national average price of gas on Thanksgiving Day dropped to its lowest level since 2020, providing some relief for the millions of Americans hitting the road for the holiday.

As per AAA, the average national gas price settled at $3.27 per gallon on Thursday. Meanwhile, GasBuddy reported the national average at $3.24 per gallon, making it the cheapest Thanksgiving Day for drivers in years. Patrick De Haan, the head of petroleum analysis at GasBuddy, pointed out that these decreasing prices have been part of a nine-week streak, with gas prices continuously falling to their lowest levels since January.

The decline in gas prices can be attributed to a combination of weakening oil prices and a decrease in gasoline demand. AAA suggests that these factors could contribute to further drops in gas prices during the rest of the holiday season, potentially resulting in the lowest prices since 2021 by Christmas, according to De Haan.

Despite the lower gas prices, it is important to note that variations exist across different states. AAA's data reveals that fuel prices have fallen below $3 per gallon, on average, in 13 states. For instance, Texas boasts an average of $2.74 per gallon, followed by Mississippi at $2.77 and Georgia at $2.80. On the other hand, Washington State, Oregon, and Nevada still face gas prices exceeding $4 per gallon.

While fuel prices this year may have a lesser impact on travelers' budgets during Thanksgiving, they remain higher compared to earlier this year. According to De Haan, gas prices increased by approximately 60 cents between January and August 2023, reaching a peak of over $3.80 per gallon. Nevertheless, the national average gas price has seen a steady decline since September, offering some relief to motorists during the holiday season.

With over 55 million people expected to hit the roads for Thanksgiving, this year's travel rush is estimated to be the busiest in several years, according to AAA. However, the lower gas prices serve as a silver lining for those embarking on their holiday travels.

In conclusion, drivers can be thankful for the decline in gas prices, making Thanksgiving travel more affordable. As oil prices weaken and gasoline demand flattens, motorists can expect further drops in gas prices during the holiday season. While there are variations in prices from state to state, the national average gas price continues its downward trend. This Thanksgiving, travelers can enjoy the combination of lower gas prices and increased travel demand.