SOUTHERN CALIFORNIA, CA. (Pain In The Pass) >> Gas prices stand close to their lowest level in four years as tens of millions of people are traveling over the Thanksgiving holiday weekend.
The national average for a gallon of gas on Monday tallied at $3.07, which amounts to a slight uptick from a year ago, AAA data showed. But gas prices for each of the last two years have come in below Thanksgiving Day gas prices going back to 2020, when the pandemic slashed demand and cratered prices.
The decline in gas prices is owed in part to a steep drop in the cost of crude oil, the underlying commodity that refineries turn into gas, Patrick de Haan, the head of petroleum analysis at GasBuddy said. The global benchmark price of Brent crude oil has fallen about 17% since June, clocking in at about $63.40 per barrel.
The oil price drop has coincided with the completion of maintenance season for refineries, meaning fuel output is set to grow as facilities reopen capacity previously closed for upkeep.
With refinery maintenance now wrapping up, that’s going to mean that refineries are able to ramp up oil into their plants.
Gas prices may drop even lower in the coming weeks. The price could lower for the next major holiday.
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