As an estimated 48.3 million Americans hit the road during ThanksgivingThey are going to find that gas prices along their route are not to their liking.
Thanks to inflation, Christmas food at your destination will be expensive to prepare, and getting there will be slightly more expensive, too. According to AAA, the national average for a gallon of unleaded gasoline is $ 3.40, the highest for Thanksgiving weekend since 2012.
In an era where more cars are turbocharged and require premium, the national average price for higher octane fuel is $ 4.03.
The national Diesel average is $ 3.64.
California has some of the highest averages, with a regular price of $ 4.70 per gallon and a premium of more than $ 5.
However, for a historical perspective, that national average of $ 3.40 for regular unleaded consumption falls far, far below the highest average price. AAA ever recorded: $ 4.11 per gallon in July 2008, which would be $ 5.28 in today’s dollars.
Current gas prices don’t force anyone to stay home either. AAA says anticipated travel volume is up 8% from last year, when pandemic social distancing was taken more seriously, although this year’s level is down 3% from 2019.
Thanksgiving is truly a holiday for drivers, as the number of commuters by car dwarfs the 4.2 million expected to travel by air.
On Tuesday, the US President Joe Biden authorized the release of 50 million barrels of crude oil from the US Strategic Petroleum Reserve in an attempt to lower prices at the pump. But any effect that move may have on retail gasoline will not be immediately felt. And that amount may not increase the supply as much; it is simply the amount of oil that Americans consume in 2½ days.