Gas prices in the US on Thanksgiving are the highest since 2012
An estimated 48.3 million Americans have made it to the road to ThanksgivingThey will find that gasoline prices along the way are not to their liking.
Thanks to inflation, a holiday meal at their destination will be more expensive, and access to it will be a bit higher as well. According to AAA, the national average for a gallon of unleaded gasoline is $3.40, its highest Thanksgiving weekend rate since 2012.
In an age when more cars are being turbocharged and require a premium, the national average price for high-octane fuel is $4.03.
The national average for diesel is $3.64.
California has some of the highest rates, with an average of $4.70 a gallon and a premium at a hair over $5.
For a historical perspective, however, this national average of $3.40 for unleaded falls far from the highest average price AAA Ever recorded: $4.11 a gallon in July 2008 – which would be $5.28 in today’s dollars.
Nor do current gasoline prices force anyone to stay at home. AAA says projected travel volumes are up 8% from last year when pandemic social distancing was taken seriously, although this year’s level is down 3% from 2019.
Thanksgiving is truly a holiday for drivers, with the number of motorists dwarfing the 4.2 million expected to travel by air.
Tuesday, United States President Joe Biden He authorized the release of 50 million barrels of crude oil from the US Strategic Petroleum Reserve in an effort to bring prices down at the pump. But any impact the move might have on the sale of gasoline will not be felt immediately. And that amount may not increase the supply that much – it’s just the amount of oil that Americans consume 2½ day.