MONEY & LIFE

Falling Gas Prices Fuel Holiday Travel

By: Anneken Tappe · November 22, 2023 · Reading Time: 2 minutes

Pumping Down Prices

Holiday travelers have one more thing to be thankful for: The lowest Thanksgiving gas prices since 2020.

Prices at the pump have come down for weeks, in the longest streak of declines since summer 2022. And it serendipitously aligns with the Thanksgiving travel surge.

Driving Economics

Gas prices sit at a $3.27 national per-gallon average, according to GasBuddy. For reference, last year’s prices were $0.37 higher. Even just last month, prices were $0.26 higher.

The current price decline comes on the heels of falling oil prices driven by growing inventories. In other words, more supply means lower prices. And that means, driving to your Thanksgiving dinner will be cheaper.

Fueling the Economy

A record number of Americans are gearing up for Thanksgiving travel. The decrease in fuel costs is surely welcome news for the estimated 55.4 million people planning to hit the roads, with Wednesday predicted as the busiest day, according to AAA.

Even if you get stuck in traffic, be sure to save some special thanks at the Thanksgiving table for the lower price of gas.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

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