Whatever the traffic jams, sibling hostility and arguments over where to stop, Americans hitting the road this week can at least look forward to lower gas prices.
While prices in Georgia will still be higher than last year's, drivers can find gas prices below $2 a gallon at one of every six gas stations in the state, according to AAA.
“Motorists are beginning to find gas prices under $2 a gallon again,” said Mark Jenkins, spokesman for AAA. “Gas prices should push even lower through the holiday weekend, unless crude oil prices suddenly surge.”
Georgia prices on Sunday averaged $2.12 a gallon. At this time last year, the state average was $2.04 a gallon, but two years ago, a gallon averaged $2.77 in Georgia.
Nationally, gas averages $2.14 a gallon now, compared with $2.10 a gallon last year and $2.85 two years ago.
An estimated 43.5 million people will be driving somewhere for Thanksgiving – more than one of every eight Americans. More than half of them expect to be on the road for at least four hours and one of five driving more than 10, according to a survey by GasBuddy.
Since gasoline is something of a necessity for most people, economists often compare lower gas prices to a tax break, the savings dropping directly into consumer pockets. The longer the prices stay low, the better for individual consumer outlook – and for their spending on other items.
Patrick DeHaan, senior petroleum analyst at GasBuddy, said the overall savings also mount up as an economic factor.
“Over the Thanksgiving travel period, Wednesday … to Sunday, motorists will be collectively spending nearly $1.7 billion less at the gas pump than the five-year average,” he said.
The main ingredient in gas prices is the price of oil. And so, gas prices in general have been on the decline for several years, thanks to weak demand and a worldwide glut of crude oil – a glut mostly attributed to a boost in U.S. production.
But gasoline prices in the short-term sometimes rise or fall because of more local factors.
Prices in Atlanta spiked in September, hitting an average high of $2.51 a gallon after a fire shut down one of the key pipelines bringing gasoline from the refineries along the Gulf Coast, according to GasBuddy.
Now, the pipelines are pumping and the refineries along the coast have finished their seasonal retrofitting and are sending them plenty of gasoline. Moreover, general demand for gas tends to be weak as the weather gets cooler and gas prices usually fall along with the mercury.
The nation's cheapest gasoline right now is in Oklahoma, which averages $1.85 a gallon, according to AAA. Among the lower 48 states, California is the most costly, averaging $2.70 a gallon.
Average price …Sunday …….Year Ago ……. Two Years Ago
National ………..$2.14 ……..$2.10 …………. $2.85
Georgia ………….$2.12 ……..$2.04………….. $2.77
Source: AAA — The Auto Club Group
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