Gas prices dip slightly ahead of Thanksgiving holiday

(November 15, 2022) WASHINGTON, D.C. — The national average for a gallon of gasoline slid three cents in the past week to $3.77. The main reason is the global cost of oil, gasoline’s main ingredient, has been stuck in a narrow price range of $85 to $92 a barrel for several weeks.

“While the national average has barely budged, there are now about 13 states with some stations selling gas below $3 a gallon,” said Andrew Gross, AAA spokesperson. “More gas stations could follow, which may be a big help with road trip budgeting as Thanksgiving approaches.”

According to data from the Energy Information Administration (EIA), gas demand increased from 8.66 million barrels a day to 9.01 million barrels a day last week. Total domestic gasoline stocks decreased by nearly 1 million barrels to 205.7 million barrels Tight supply and robust gasoline demand would typically push pump prices higher, but fluctuating oil prices have limited cost increases.

Today’s national average of $3.77 is 13 cents less than a month ago and 36 cents more than a year ago.

Quick stats

The nation’s top 10 largest weekly decreases: Wisconsin (−25 cents), Michigan (−19 cents), Indiana (−16 cents), Illinois (−15 cents), Ohio (−12 cents), Delaware (−7 cents), Texas (−6 cents), Oklahoma (−6 cents), Kentucky (−5 cents) and Wyoming (−5 cents).

The nation’s top 10 least expensive markets: Texas ($3.11), Georgia ($3.16), Mississippi ($3.20), Arkansas ($3.23), Louisiana ($3.27), South Carolina ($3.29), Alabama ($3.30), Tennessee ($3.30), Oklahoma ($3.31) and Missouri ($3.33).