After falling to a multi-year low of $3.18 per gallon on Nov. 12, the national average price of gas has inched higher for 10 straight days to $3.24 a gallon as of the close of business on Friday.
Even with the recent upward trend in prices, the national average is down 75 cents since Labor Day.
“Motorists will likely pay the lowest price at Thanksgiving in three years,” said AAA Mid-Atlantic spokesperson Martha M. Meade.
The rise in prices can be attributed to refinery issues in a few regions that supply the East Coast, said Meade, limiting production.
“AAA expects these issues to clear up in the coming weeks as seasonal maintenance ends,” Meade said. “Our best estimation is that gas prices have not reached a low for the year. However, prices could rise another 5-10 cents in the short term before falling again through the end of the year.”
Crude oil continues to trade below the $100 per barrel mark. After touching a five-month low of $92.43 per barrel on Tuesday the commodity settled at $95.44 Thursday, after reaching an intra-day high of $95.63 per barrel. U.S. refinery issues, as well as positive U.S. economic data, supported prices. Traders also kept an eye on talks between Western powers and Iran over its nuclear program. Crude oil settled at $94.84 Friday, up $1 or 1 percent on the week.
AAA projects 43.4 million Americans will journey 50 miles or more from home for the upcoming Thanksgiving holiday weekend, a decrease of 1.5 percent from the 44 million people who traveled last year. Approximately 90 percent of travelers or 38.9 million people plan to travel by automobile this Thanksgiving, a 1.6 percent decrease compared to last year.
AAA estimates that most drivers will pay the cheapest gas prices for the Thanksgiving holiday since 2010.
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Chris Graham
