Thanksgiving Gas prices could persuade Americans to travel or stay

Thanksgiving: Gas prices could persuade Americans to travel or stay home

Forecasts for traveler behavior are divided among analysts due to how gasoline prices are expected to behave leading up to Thanksgiving.

Photo: FREDERIC J. BROWN/Getty Images

This Thanksgiving season it is expected that Millions of Americans take road trips; however, gasoline prices in the coming days could persuade them to cheer up or decide to stay home.

However, however gasoline behaves, PRASA has a forecast that at least 56.4 million people will travel on country roads this Thanksgiving, in what is expected to be one of the busiest seasons in recent years.

According to AAA, the data on the number of people who will travel on Thanksgiving in the United States is 1.5% higher compared to the 2021 data for this date.

If PRASA’s forecast is fulfilled, it would be the third year with the highest number of people on trips on the road since the year 2000, when it began with this measurement.

However, gas prices can be the biggest decision challenge for travelers, even at the last minute.

For now, gasoline prices opened Thanksgiving week downwith an average price of $3.66 dollars nationwide for each regular gasoline.

The states on the west coast are still those who see the highest prices of gasoline per gallon, with a maximum price in California of $5.25 per gallon, while Texas has the lowest price per gallon at $2.99 ​​on average.

AAA predicts prices to fall

Gasoline prices have behaved more favorably in recent weeks for consumer budgets gearing up for the Thanksgiving holiday season.

According to the AAA, lower prices will continue through Thanksgiving weekso it could persuade thousands of families to go on a trip, even if it is at the last minute.

The AAA forecast is based on the fact that in recent weeks there have been more stable oil prices globallywhich always has a positive effect for the pockets in the pump.

“While the national average has barely budged, there are now about 13 states with some stations that sell gasoline for less than $3 a gallon,” said AAA spokesman Andrew Gross.

Prices could also go up

Although gasoline prices have shown a decline in recent months, GasBuddy analysts warn that they keep getting taller compared to what motorists found a year ago at the pump.

According to GasBuddy’s measurements, average prices for regular gasoline they are 36 cents more expensive than in the same Thanksgiving week of 2021.

“As oil prices remain volatile, the outlook is unclear, but I am hopeful that in the lead up to Thanksgiving we will see prices decline in more states, while others may not be so lucky“, considered Patrick De Haan, head of Oil and Analysis at GasBuddy, in a report for FoxBusiness.

But not only analysts believe that prices may rise during this Thanksgiving week, as the results of a survey by the Federal Reserve Bank of New York agree in the same sense.

Surveyed Americans expect gasoline prices to rise 4.8% in the coming months, according to the results of the New York Fed survey.

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